Are you planning on starting to hunt around for your dream home? Have you heard of Pre Approved Mortgage? If not, a pre-approved mortgage is a loan in which the borrower gets a temporary approval from the lender.
It is a step by step process that starts with Pre-Qualification. At this stage, the borrower has to provide the bank with adequate information and documents about their financial status. The lender then gives them an estimation of how much loan amount they are eligible.
The second step is Pre Approval where the borrower receives the loan they can afford. A Pre-Approved mortgage is beneficial especially if you are planning to buy a property that’s within your budget.
Find out more about Pre Approved Mortgage from our mortgage broker.