Applying for pre-approval finance remind you of the early stages of dating?
You've seen each other once or twice.
You were careful with your behaviour when you got invited into the house to look around.
The experience was exciting enough to want to come back a second time.
Ultimately you're seeking approval to move in.
OK ok, so we might be getting a little ahead of ourselves.
Pre-approval is a little more serious than that. It does give you peace of mind knowing the bank will lend you the money before you start looking. Pre-approval is approval conditional upon finding the property to purchase and having the offer accepted.
There are many benefits to organizing pre-approval prior to looking. Pre-approval makes the process faster, and simpler once your offer has been accepted. In some ways, the finance is already two thirds approved.
Any offers you make on a property are also strengthened by having a pre-approval in place.
And if you do go ahead with pre-approval and not proceed to purchase, don’t worry, in most cases there is no fee. Pre-approvals generally expire after 3 months, but can be easily extended.