How To Get
Pre-Approval
3 MINUTE READ
Pre-approval is when your loan application is conditionally approved prior to securing your property. Your IGM Broker will undertake understanding your current financial position and determine what your repayment capabilities will be and which lender will be the best option for you.
The benefits of a pre-approval mean you can confidentially start looking for a property within your pre-determined price range. A pre-approval doesn’t mean that your loan is guaranteed, the factors that will influence obtaining your final approval are;
- Any changes to your personal circumstance
- Valuations of the property you intend to purchase
- Any other factors such as bank changes
However, if nothing has drastically changed, then you will most likely not face any challenges in obtaining your final approval.
So how to get your pre-approval?
When you’ve made the decision that you want to buy a property, contact IGM Group to start your process.
We will get started with asking the right questions, be prepared for the following;
- What is the main purpose of the loan?
Are you buying your first home?
Buying your next?
Building a house?
Or buying an investment property? - How much do you think you need to borrow?
- How much do you have in savings, what salary do you make and if you have additional income?
- If you have any debts like car loans or credit cards.
- Do you have any security assets or will someone else be helping you?
- Are you buying alone or with someone and if you have dependents?
- What are your monthly living expenses are?
There will most likely be more questions that will stem from your unique circumstances, but the first step is getting in touch with IGM Group, so one of our brokers can start bringing your goal to fruition.
Get Started Today
RELATED ARTICLES
- How To Leverage Your Existing Home Loan For Your Next Purchase
- Guide To Starting Your Business
- Refinancing With Bad Credit
- Investors Checklist
- Renovate or Knock Down Rebuild?
- The Questions You Should Be Asking When Seeking A Commercial/Business Loan
- Why You Should Refinance
- How To Get Pre-Approval
- All You Need To Know About Buying Your First Home
