The first step to most purchases usually involves a quick thought, or calculation, on whether you are able to afford the product or service before you begin shopping.
This process helps you focus only on the items that are likely to match how much you are willing to spend, and cuts out most of the other distractions, which also saves you time.
When shopping for new a suit, car or pair of shoes you'll have a general idea of how much you're willing to spend. This reduces you available options, but helps to focus your attention on finding the product that best meets your particular needs.
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When it comes to shopping for a new home, a process that can take months to find an ideal house could involve many visits to multiple properties. Without a pre approved home loan you are essentially hoping that you are not wasting most of your time while you are out house hunting.
Pre approved home loans have become a critical part of the home buying process, and mortgage brokers are seeing an increasing trend in the number of pre approval requests coming from their clients.
The reason the pre approval has become so popular and widely requested is, in part, because the banks each have widely varying appetites for risk. Banking institutions were bitten by the recent credit crunch and are keen not to repeat the same mistakes of the past.
For this reason, the mortgage application process is no longer as straight forward.
As the home buyer you are only empowering yourself by asking your broker to assist you with a home loan pre approval. A pre approval involves a detailed assessment of your financial opposition to determine how much the banks are each willing to lend you.
Another benefit of having your pre approved home loan in hand, is that it gives you a clear range within which you are able to shop for a new home. And depending on current market conditions, the prices of properties with similar profiles can vary greatly.
In a strong buyers market, you are very likely to find that you may be able to afford a property that would otherwise be out of your affordable range.
A pre approved home loan gives you that extra bargaining chip with the buyer, and motivated or desperate buyers are more likely to lower their asking prices at the promise of a quicker sale.
Typically, this quick application would not cost you a cent, and will definitely help you save time while shopping and add to your price negotiations with the buyer.
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