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What is a Home Loan Pre-approval?
When you want to buy a home and need to borrow money to do it, you are never quite sure how much you will be able to borrow - or even if you will be able to get a loan at all, so that makes it difficult or impossible to make a decision. To overcome this difficulty some clever person invented pre-approval. This process will let you know whether the lending institutions consider you a good prospect to lend money to and if so, how much they should lend you. All you need do is furnish the lender with relevant details like your income, credit history, identification and how much deposit you have. In return, you get an estimate of your borrowing capacity, what your repayments should be based on your minimum deposit and your up-front costs to service the loan. You also get a pre-approval certificate and most likely an appointment for finalising. With a lender's pre-approval you can make an offer on a house with a clear mind, knowing that you will be able to get the loan to pay for it. Showing your pre-approval certificate will facilitate the process, as the agent is reassured that you are genuine. However, you cannot use it to buy at an auction, as this form of buying requires same day settlement.
Look for home loans online and find out about the Melbourne Home Loan market at http://www.quickdirect.com.au/
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