Home Loan Pre Approval

Know your buying power before you buy.

Pre-approval is, in essence, a lender’s initial agreement to grant a loan up to a specified amount before you find the property you want to buy. It’s a handy tool for budgeting your investment and can position you favourably in negotiations, often speeding up the transaction process. Having pre-approval signals to sellers that you’re a committed and ready purchaser, having passed through the initial stages of loan application and gathered the necessary paperwork.

During the pre-approval process, lenders evaluate the prospective borrower’s ability to repay the loan by reviewing factors like income, living costs, and existing debts. They also consider the borrower’s likelihood of repaying the loan, which includes reviewing credit history, job stability, and how often you’ve moved homes.

Pre-approval typically remains valid for three months, with the possibility for extension if finding the perfect property takes more time.

For guidance on securing a pre-approval and moving one step closer to making a purchase within your financial reach, contact us today!