Confused about home loan pre-approvals? Follow these four steps.
Ready to buy a property? You’ll need to show the seller you have enough money. For most people, this will mean getting a loan, and the first step to getting one is obtaining pre approval for it. Pre-approval, also known as conditional approval or approval in principle, is an indication from a lender as to how much you can borrow. If you have pre-approval, vendors and agents know you’re serious about buying. Here are the steps you need to follow.