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First time investors seek out loan pre-approval

finance-advice
1 minute read

First time investors seek out loan pre-approval

by webmaster 22 November 2011 1 minute read

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

by webmaster
November 22, 2011

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.

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“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.

First time investors seek out loan pre-approval
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