Buying a Home? 4 good reasons to get Pre Approved

If you are in the market to purchase a property, we thoroughly recommend gaining Pre Approval from a bank for 4 good reasons:

1. Going through the pre-approval process is an important step in evaluating your financial situation. It gives you the opportunity to discuss with your broker the various loan products available and to address both the loan amount and repayments in terms of what you can comfortably afford.
Most importantly this process establishs a maximum purchase price which you can safely go up to when bidding on a house.

2. Knowing how much you can borrow means that you don’t waste time looking at the wrong properties. You will know exactly what price bracket to look in and thus avoid frustration and confusion.

3. It gives you the edge in a competitive market. If there is competition from other buyers for the property you have found, having your finance in place can put you ahead of the other buyers and improve your negotiating power. The vendor and the vendors agent will take you more seriously and give preference to you and your offer to buy the property.

4. Pre Approvals give you a safety net and feeling of security, yet are cost and obligation free. Hence there is no downside.

We can help you to get your pre-approval quickly and easily so please call Mortgage Monitors on (03) 9827 9930 with any queries.