How to get pre-approved for a home loan
Posted by Nathan Drew
on 5 April 2021
Home Loan Pre-Approval
Before you race out to the open homes to make an offer, it makes sense to have already carefully considered all of your home loan options. With the thousands of different home loan options currently on the market, this can be quite confusing.
Some of the questions that we commonly hear are, what is a good deal, what are my fees, is it flexible enough for me to make changes to my repayments in the future if I need to.
Getting a home loan pre-approval in place can give you the peace of mind, plus it puts you in a position of bargaining power when you find your perfect home.
What is conditional home loan pre-approval?
Conditional pre-approval is an indication from a lender that you are eligible to apply for a home loan up to a certain limit. A Fox Home Loan pre-approval costs you nothing and commits you to nothing. You are under no obligation to take the loan, and the lender has no obligation to lend you that amount, but it can put you in the box seat and show sellers that you are serious about buying.
In order to give you an indication of what you can reasonably expect to borrow, we need to consider your personal financial situation and the price range of properties that you are looking at.
What are the advantages of home loan pre-approval?
Not only does rolling up to the open home with a home loan pre-approval in place show sellers that you are serious, but it also helps to be well advanced with your finance as soon as you find your dream home. This can reduce the amount of time between sale and home loan settlement. Effectively, you could get to move into your new dream home faster.
Another advantage of a home loan pre-approval is that if you are early on in your home buying journey, getting conditional pre-approval can help you focus your property search and give you a clear idea of what you are likely to be able to afford based on what a lender is prepared to loan you. This helps you set your new home budget which can save you time and help you not overspend.
How do you apply for home loan pre-approval with Fox Home Loans?
You can apply online, call us on 1300 655 906 or make an appointment to speak with a Home Lending Specialist.
It is our job to do all of the running around for you to ensure that you are offered the very best home loan offer on the market that suits your needs and budget. We do this all day every day, and our Home Loan Lending Specialists are constantly scouring the market for the best deals for our customers.
When you speak with us, it can help if you have an idea of the following:
Price range of properties you are interested in
How much of your deposit you have saved
Your current income
Your living expenses
Your current loan repayment on other loans
If you are conditionally pre-approved for a home loan with one of our Lenders, once you find your perfect home, we will verify your financial position and then provide you with a formal home loan approval so that you can finalise things with the sellers.
We are here to give you guidance throughout your home buying journey, speak with us for more information today on 1300 665 906.
About: Managing Director - Fox Property FinanceConnect via:LinkedIn