The home loan pre-approval process, also known as conditional approval or approval in principle, is when your bank conditionally approves you for a loan before you apply to buy a house.
The bank checks your finances and assesses whether you’ll be able to successfully repay a loan. If they deem you eligible, you’ll be granted pre-approval to borrow up to a certain amount. Most banks offer pre-approval which lasts for 3 to 6 months, giving you plenty of time to sort out the right home loan.
Obtaining finance can be a lengthy and often complex process, and pre-approval on your loan will make the whole process go a lot smoother and quicker.
At ProFinance we can arrange this for our clients, enabling them to go forward with confidence to negotiate on and hunt down the perfect home.
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