Looking to secure a home loan? The easiest way to do so is to get pre-approved. Let’s discuss how this process works and how you can get a head start on it.
Unless you’ve got hundreds of thousands in cash stashed under your mattress, it’s likely that you’ll need to secure a home loan before buying real estate. The easiest way to line up such a loan is to have pre-approval in place before you even apply.
How can you get pre-approved for a new loan? Let’s dive in.
Why pre-approval is so valuable
Getting a loan to buy a home can be daunting, but fortunately, the process is easier with pre-approval. Once you know how much you can borrow and what sorts of loan interest rates you can get, you’ll have greater clarity and can make decisions with confidence.
When you’re pre-approved, you can show up to open houses and property auctions and quickly pounce on homes you want, knowing exactly what amount you can afford to spend. There’s no more guesswork involved.
Knowing how and when to apply
Pre-approval can be a major blessing, but securing it isn’t always easy. Your Investment Property Mag recommended that prospective borrowers are entirely upfront and honest about their financial information – if there’s even a small discrepancy in your application, it can hold up the approval process and make it tougher to quickly buy a house.
In addition, you don’t want to apply for loan pre-approval until you’re absolutely sure you’re ready to take out a loan and buy a home. Having multiple applications can negatively impact your credit rating; you want to wait until the moment is right, then apply just once.
Getting a savvy broker on your side
Once you’ve decided you’re ready to seek loan pre-approval, the next step is to speak to us. Whether you’re searching for your first home or looking to add investment properties to your portfolio, we can help you round up the capital you need.