Pre-approval often called “conditional approval” or “approval in principle” is an excellent way to have a lender analyse your financial state and let you know how much you can safely borrow for your intended new home.
Getting pre-approval is not a time consuming endeavour. The benefits are numerous with the leading advantage being that it will give you a better understanding of your borrowing power. Pre-approval will help you work within a budget, know what the bank can lend you, and realtors will see how serious you are when making an offer on a property.
How long is the pre-approval valid for? In most cases, so long as your financial situation doesn’t change dramatically, the pre-approval is valid for up to 90 days and can be extended. In order to get started with a pre-approval application, there is a dossier you’re expected to furnish and submit. Get in touch with us for a full list of requirements.