SHOULD I OBTAIN A PRE APPROVAL LOAN BEFORE LOOKING AT PROPERTIES?
Many buyers ask if they should obtain a pre approval loan ? Absolutely you should seek a pre approval first before you go shopping you need to understand:
1. "if" you are in a position to buy yet or should wait a little longer before buying.
2. How much can you afford to spend.
3. What is your budget maximum amount you can borrow?
4. Do you feel comfortable borrowing the amount the bank will lend you?
This allows you to understand exactly how much deposit you will require. Do be mindful just because you are in a position to borrow XYZ amount you need to determine what is your comfortable repayment amount.
This is your first home not your last as most people tend to relocate into home number 2 after several years when their family increases or they relocate to another area.
Shopping for a home can often take months to find the right home so dont rush in, take your time, do your research, gain a pre approval loan and become well informed before taking the big leap.
Want to find out your capabilities in getting a home loan? Head to this link and enter your details. Our professional team at Intouch Finance Albury/Wodonga can help you.
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