Pre-approval - Don't Wait Until It's Too Late!

You don’t need to find your new home before you can apply for a loan. In fact, there are good reasons to speak with a Pivotal Financial Specialist to get your loan sorted beforehand.

Benefits of having a Pivotal Financial Specialist organise a pre-approval:

• They’ll do the leg work for you and seek out lenders that provide a loan pre-approval, and get this approved for you (this is where your loan limit is approved for a certain time (usually around six months)
• Providing your circumstances have not changed you’ll know exactly how much you can afford to pay for a property
• You’ll have the freedom to make an offer on a property knowing that your finance is already organised.
• You’ll have a better idea of what properties to look for, because you won’t waste time looking for something outside your price range, and once you find the right property, you’ll be able to focus on the purchase rather than having to sort out the finance at the same time.
• With a pre-approved loan, there are fewer chances of hiccups with the sale process, and in some cases, vendors (sellers) will accept an offer below list price and take the property off the market with confidence knowing the buyer is serious.
• If you decide to make an offer you’ll be in a position to move quickly if your finance is sorted – this will help you avoid being gazumped, and you can bid with certainty at auction.
• If there are delays with Lenders, having a preapproval means you won’t miss your contract settlement date.
• Sellers may prioritise you – if you have formal pre approval, you have already started the process towards getting a home loan. You will be in a good position to snap up a bargain quickly, proceed to full approval for you loan and exchange contracts before others in the market are able to. Real Estate agents may also ask for a copy of your formal pre approval prior to accepting you offer, to ensure that you are a serious contender.
• Real Estate Agents will know you are serious.

There are hundreds of different loans out there in the mortgage marketplace, so let a Pivotal Financial Specialist do all the work for you to ensure you have not just a Pre-Approval but the right loan, right rate and peace of mind knowing your next move is your best move.

Find out how Pivotal Financial can help you on 07 3007 9088

Original article can be found on the Pivotal Financial Website.