Buying on preapproval .

Discussion in 'Loans & Mortgage Brokers' started by justine77, 17th Dec, 2019.

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  1. justine77

    justine77 Well-Known Member

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    How do u get around the problem of preapprival not actually meaning thst u will get the loan after buying . How do u really know what banks will lend u . Would a broker know
     
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Please speak with a broker. Part of what we do is determine your borrowing capacity across a range of lenders, then figure out which lender and products are going to be the most suitable to your circumstances and goals. From there we'll work with you to lodge an appropriate pre-approval to give you assurance that you can borrow the money you need.
     
    Last edited: 17th Dec, 2019
  3. Lindsay_W

    Lindsay_W Well-Known Member

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    There are lenders that do credit assess pre-approval applications.
    Definitely speak to a broker as Peter mentioned.
     
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Location:
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    We only ever arrange preapprovals with lenders that credit assess the application.

    That way - we know that the only outstanding documents are a satisfactory valuation and a contract of sale.

    Most experienced brokers also have a good idea of whether an application is borderline or is going to fly through.

    Cheers

    Jamie
     
    Lindsay_W likes this.

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