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First time investors seek out loan pre-approval

By webmaster
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First time buyers looking to purchase in 2012 know that it is important to obtain loan pre-approval, a recent survey has found.

The Mortgage Choice study found that two thirds of first time investors intending to buy before February 2013 would apply for loan pre-approval.

Acting head of corporate affairs, Belinda Williamson, said: “Our survey showed primed first homebuyers are making the wise choice to get their property finance pre-approved by a lender.

“Loan pre-approval provides a conditional approval of a loan amount and is usually based on an assessment of potential borrowers’ individual circumstances, needs and ability to repay the loan.”

However, not all lenders offer pre-approval, or individual assessments, and it pays to shop around, said Ms Williamson.

“If you are looking to purchase in the New Year, now is a good time get pre-approved so you don’t miss out on potential property purchases over the holiday period,” she said.

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