Home Loan Pre - approval
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Home Loan Pre-approval
You may have heard horror stories about buyers loosing their deposits
because they did not go to the trouble of obtaining home loan pre-approval
before signing the purchase contract and paying a deposit. Some of these
stories are true and serve as a lesson to all home buyers.
It is very important to make sure that you obtain Home Loan pre-approval
before making a purchase or even going to the auction of the property you
consider buying.
Not all home loan pre-approvals are the same. Some lenders will offer a 10
minute pre-approval. These pre-approvals are not worth very much as all they
do is calculate based on your answers how much you should to be able to afford
to borrow.
However if you read the fine print on these pre-approvals the lender will be saying that the pre-approval is subject to a satisfactory review and presentation of a large number of documents including your:
pay
slips/tax returns;
credit
report;
other
loan statements;
proof
of savings etc.
The lender may identify something they are not happy with in any of these
documents and then revise or worse still withdraw their preliminary approval.
We strongly recommend that you obtain a full approval by going through a
complete application process with your selected lender. In such a way you
completely eliminate the risks attached with your lender accepting you as a
borrower after seeing your financials and credit history.
If you choose to sign a purchase contract before obtaining full finance
approval it is important that you sign the contract “Subject To Finance”. Your
estate agent will know what that means.
Essentially this clause will protect your deposit in the event that your
mortgage is declined.
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