Buying your first home is a goal for most, but it can be overwhelming with a lot to consider.. have a read of our simple checklist to keep in mind when buying your first home.
A pre-approval is an obligation-free way to confirm your borrowing capacity and loan structure from a lender when you are looking to buy a property. When you lodge a pre-approval, the lender will:
- Review your financial information
- Conduct a credit check
- Confirm what they are willing to lend you based on the information provided
Conditions may be attached to your pre-approval that need to be addressed when you find a property, therefore it is paramount to consult your broker to understand what action items are required.
Benefits of using a mortgage broker to secure your pre-approval include:
The pre-approvals process can be substantially sped up when you have an expert handle it. As mortgage brokers know the ins and outs of the application process, you can save time and effort by having a broker take care of it for you.
Better chances of approval
Having your home loan approved depends on a few different factors, including your income, credit history, savings and debt. When you use a mortgage broker, they are able to assess your current financial situation and find a bank that gives you a higher chance of getting an approval from.
Access to a panel of lenders
Mortgage brokers have access to a panel of lenders who they have a relationship with. This means they understand the various bank policies and can make the best decision in lodging a pre-approval with the most suitable bank for you.
Length of loan approval
Most pre-approvals expire after 3 months, and as a buyer you may need more time before you find the right property to purchase. When you use a mortgage broker, they are able to keep track of expiry and apply for another pre-approval for you, which is a much simpler process as they have already put together all of your information. Brokers will also be on top of any changing interest rates and offers, ensuring you are still getting the right product.
Free of charge
Mortgage brokers don’t charge clients a fee for their service. Instead, they are paid by the lender that you obtain your home loan with. At Azura, the commission paid by the bank will be openly disclosed to you from the start and will not be loaded onto your home loan repayments.
If you’re ready to apply for a pre-approval, reach out to a trusted broker who can help you every step of the way.
At Azura Financial, we follow a step by step process to ensure our clients are receiving the best advice possible to support them through one of the most important decisions of their life! If you have any questions or would like to get started on your own pre-approval, give us a call now or fill out the form here and we will be in touch!