Pre-Approved Home Loans
Obtaining a loan pre-approval from a specialist Mortgage Broker at The Loans Cafe can speed up the mortgage application process greatly and might mean the difference between obtaining your home loan and missing out altogether. Your Loans Cafe mortgage broker can assist you with the paperwork and provide a smooth and efficient service.
By getting a loan pre-approval, it allows you to shop for property in confidence that finance will be available. It also shows real estate agents, and vendors, that you are serious about doing a deal, which can help in negotiations.
If you are an investor, having a pre-approved loan not only means knowing your top price, it also gives you bargaining power. In addition, you can act quickly once you have seen a property you like.
Who offers it?
Most banks and lending institutions, it costs nothing to arrange and your Loans Cafe mortgage broker will help you secure it. Some lenders offer on-the-spot pre-approval that can last up to two months, but this will vary from lender to lender. So work with one of our team to explore which lenders and products best suit your situation before you settle on a property.
How does it work?
Your lender will look at factors such as how much you earn and your credit history in assessing your ability to repay the loan. On that basis, they’ll decide how much they’re prepared to pre-approve. Work with one of our team to explore all your options.
How is it provided?
Usually via a letter or certificate verifying that your finance has been approved and for a certain length of time. You can show the letter or certificate to a real estate agent or vendor as evidence that a lender is prepared to loan you a certain amount.
How much will I qualify for?
That will depend on your circumstances and the lender’s criteria. One of the Finance Specialists at The Loans Cafe will help you to work out roughly how much you can borrow according to your objectives, your salary, and your existing financial situation.