ARTICLE SUPPLIED BY BRUCE PATTEN, LOAN MARKET
The property boom is showing no signs of letting up any time soon. It’s super competitive out there with many vendors receiving multiple offers within just a few days of going on the market. So, if you are looking to purchase your first home or make a move, pre-approvals are essential.
What is a pre-approval?
A pre-approval is confirmation from a lender that they are prepared to lend you money. However, it’s a conditional offer – usually based on the value of the property you want to buy.
Why are pre-approvals so important?
Pre-approvals are a good idea for several reasons:
A pre-approval gives you confidence going into auctions. And it shows sellers that you mean business. However, most are only valid for six months, and some for only three, so you need to act quickly.
How do I get a pre-approval?
That’s where we come in. Here at Loan Market, we can help you get a pre-approval. Our expert team will guide you through the process. Plus, our advisers have access to over 20 Lenders to make sure you get the best solution for your needs.
Sounds great. What information will I need to provide?
Most lenders will expect to have the following information to assess your pre-approval application.
If you are considering applying for a pre-approval, then get in touch with your adviser. A pre-approval can kick-start your home-buying journey, so get started today.
This article was supplied by Bruce Patten, a Loan Market mortgage broker since 2002 who has written over $1 Billion in home loans for his client and is considered one of the most experienced mortgage brokers in Auckland.Bruce is always on hand to answer any questions you may have about loans or anything around the loan process. Get in touch with him anytime by phone (021 661 114) or email (firstname.lastname@example.org).