There are a lot of stages to the process of buying a home, but being pre-approved by your preferred lender should be one of the first things you do.
Gaining pre-approval is just like a regular application for a home loan. Lenders will use your credit history and savings, among other things, to determine your ability to make the repayments. From here, they will offer a ball-park figure of the loan they can offer. What’s more, this is usually obligation-free.
Being pre-approved will ensure your safety from a hot property market and any overexcitement, as you will be aware of your limit and know not to encroach it.
It will also let you know your exact price range, and therefore where to look, helping you make a better informed home choice.
Finally, a pre-approved loan will give you an idea of how much money you’re able to borrow with your current financial standing. This will allow you to budget more effectively as it will give you a clearer idea of how much you need to save in order to borrow your desired amount.
For further information about obtaining a pre-approval, speak to your Fountain Finance mortgage specialist today.