DATE: 12/03/2013
CATEGORY: Blog, First Home Buyer, Home buying, Mortgages, Pre-approval

pre-approvals give you the edge

happy first home buyers, mortgage, mortgage broker, homeIf you’re thinking about buying a home, a pre-approved mortgage is a fast and simple way to make your home buying experience easier from start to finish. In a competitive housing market having your finance pre-approved will also give you the edge over other house hunters out there.

five key benefits of getting your financial ducks in a row early:

  • Certainty: You’ll know your price range before you start searching, it might be more than you think!
  • Confidence: When you’re ready to make an offer you won’t be waiting around for the suits to say yes.
  • Power: A clean offer gives you an advantage over other buyers.
  • Assurance: Pre-approvals are valid for up to 6 months and if bank criteria change during that time you’re still good to go.
  • Freedom: Getting the paperwork out of the way early frees up your energy to buy smart.

A pre-approval comes obligation free. While it’s a commitment from a bank that they will lend you money, it doesn’t bind you to them. The playing field is constantly changing – the lender with the best deal today may not be offering the best deal tomorrow.

Chances are you may stay with the bank who gave you the original pre-approval. But once you’ve got the home you want we can help you get into the nitty-gritty of deciding which bank and home loan is best suited to your needs and the objectives you have for your mortgage and life-style goals.

already pre-approved?

In most cases we can still add value by comparing lenders and making sure you’ve got the best possible pre-approval terms. Not all banks are equal when it comes to pre-approvals and any associated conditions – one bank may make your pre-approval subject to a registered valuation, where another may not. Ideally you want a condition-free pre-approval that doesn’t bog you down with additional costs and allows you to be a cash-buyer.

Whether you’ve already found a property and gone unconditional, or are still house-hunting, transferring your pre-approval to Awesome Mortgages will sweeten the deal. It’s easy to do, and the benefits will be significant. Find our more here >>

what about interest rates and other goodies?

They key thing to remember is that your pre-approval is a tool. It’s purpose is to get the right home at the right price.

Banks are unable to lock-in discounted fixed interest rates and other goodies (like low equity discounts and extra special professional fee contributions) until you unconditionally enter into an agreement to purchase. This is another reason they can’t expect you to commit to them fully until you are ready to buy.

recent success story:

Last week a young couple, who last year abandoned their plans of home ownership, never dreamed that in less than 3 days they’d be pre-qualified to buy their first home. The added certainty of being pre-approved boosted their confidence and they put in an offer $10k less than the asking price. The seller, wanting to avoid the delays and hassles from people who had offered more but had too many conditions, snapped up their offer.

transferring your  pre-approval to Awesome Mortgages

Whether you’ve already found a property and gone unconditional, or are still house-hunting, transferring your pre-approval to Awesome Mortgages will sweeten the deal.

It’s easy to do, and the benefits will be significant. Click here to learn more >>


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Posted in Blog, First Home Buyer, Home buying, Mortgages, Pre-approval

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