Applying for a pre-approval on your home loan these are four things you need to know.
Number 1 – The bank might still require extra information such as a property valuation and recent pay slips, reduced delays by preparing these documents ahead.
Number 2 – When house hunting or attending an auction keep your offer within the amount that has been pre-approved;
Number 3 – A conditional approval usually lasts three months but can be extended. however, you require another credit file check for this.
Number 4 – Work with a mortgage broker it gives you a higher chance of being formally approved and avoiding heartaches because not all pre-approvals lead to a formal approval.