1300 841 841What is a preapproval?
“Preapproval” is an offer from a lender to provide finance for a future purchase conditional upon finding a suitable property.
Before you start looking for a home or investment property, you should consider applying for a preapproval.
But why is it important?
A preapproved home loan provides you with two very important benefits:
1. Credit Check & Income Verification
The three main criteria for getting a loan are appropriate credit, income, and security. A preapproval checks your credit and verifies your income to get you that much closer to securing an offer of finance.
2. Negotiability
As the Brisbane property market heats up, more and more real estate agents are insisting buyers providing offers in writing backed up by a preapproved finance letter. If you were selling your house and had two similar offers, you would be more likely to accept the offer that has their finance organised.
How do I get preapproved?
If you would like to get preapproved for your next purchase, an Urban Home Loans Mortgage Broker can organise this for you, book an appointment on the right to see with a home loan expert today.
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Author: Ben Heremaia
Speak with an Urban Home Loans finance broker today on 3841 4831.
My home loan was declined because the house had water damage in the patio so we couldn’t buy the house we really wanted. Why would I get preapproved if they can just decline it because the house isn’t perfect…
That’s unfortunate, but finding a suitable property is one of the three main criteria to securing finance for your home.
Depending on the size of your deposit or savings, some lenders will consider houses that have damage to them. If your deposit or savings can cover the estimated cost of repairs, we have lenders that can assist.
Please use the box to the right to book an appointment so we can get you into your home!