When our mortgage brokers talk to clients about home loans in our Perth office, they are more often than not people who have already found a house and are just beginning the loan process. Lately, though, more home buyers are taking advantage of loan pre-approval.
Loan pre-approval is easy—call us, answer a few questions and we will begin the process for you by contacting those in our network of lenders whose lending habits are in alignment with your situation. Within a few days, we can usually get at least tentative pre-approval from multiple lenders.
Then, you can decide which company’s terms are most beneficial to you and know that you have a set amount with which you can go “house shopping.” Loan pre-approvals are usually good for three months and best of all—they are free.
Loan pre-approval is a great strategy because it begins one of the most important parts of your real estate transaction early. It gives you time to explore all of your options early, freeing you to concentrate on negotiating a good price for your home.
Pre-approval also saves a lot of time by ensuring that you don’t look at homes that eventually prove to be outside of your capability to borrow. Once you have a set price in mind, it narrows down the search, making your entire process more efficient.
Real estate agents take you a lot more seriously when you are pre-approved than when you aren’t. They know that you have taken the time to set the process in motion and that you aren’t likely to be denied financing. Even those who pride themselves in treating everyone the same will pay more attention to finding you a home when you have pre-approval.
Pre-approval also gives you more confidence when you are bidding for properties at an auction or negotiating prices with a seller. When it comes to negotiating, confidence is a major part of getting what you want.
Finally, once you have decided on a home, you have already done most of the “heavy work” for financing. This makes your final steps go quicker and easier.
What are You Waiting For?
For more information on pre approvals, phone Mark Coonan on 0417 755 776.