First Time Buyer Home Loans

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Home Loan Pre-approval:

Home loan pre-approval is for home buyers who would like to have an approval for their home loan while they are looking for their desired property for purchase. Home loan pre-approval is a very popular idea among first time home buyers who are basically going through a home loan approval process for the first time. Bank can perform an upfront assessment of all supporting documents for home loan and issue an approval based on provided documents submitted to the bank.


For first time home buyer loans The finance group have been helping clients to have home loan pre-approval for a long. Client here to submit an inquiry to apply for home loan pre-approval.


What is a home loan pre-approva ?

Home loan pre-approval gives client an approval for certain amount of home loan based on their borrowing capacity. The home loan pre-approval also confirm the client what is the maximum value of the property client can afford to purchase based on proof of available deposit amount of the client. Client usually nominate a preoperty price and desired location and post code of the property with the application. During the home loan pre-approval assessment process bank usually chaeck the location to determine maximum LVR loan, calculate total cost of finance and available deposit. Based on provided supporting documents to proof income of the client bank also determine maximum borrowing capacity of the client. Based on above assessments bank approve the pre-approval or request revised offer from the client informing what they are eligible for.


For first time home buyer loans The finance group have been helping clients to have home loan pre-approval for a long. Client here to submit an inquiry to apply for home loan pre-approval.



Who to apply for home loan pre-approval

When client finish doing research on all home loan offers available on the market, when client determined that they will get expected loan amount form a specific bank to complete their desired purchase, client can lodge an application online or go to a branch to submit the application. When client go through a broker for home loan pre-approval they usually save their time on researching on market, also client can get more educated and professional decision about their home loan. Client need to consider following issues before they finally submit a home loan pre-approval application to a bank:


1. Bank will do an inquiry on the credit file and it may restrict client further access to other bank in term bank credit scoring system. As a result it is important to submit the application to the right lender at the first time. Client need to have a certain credit score for a specific bank to get their home loan pre-approval application approved.

2. Based on income and commitments of all applicants borrowing capacity is different for different bank because bank use different assessment table to determine their borrowing capacity. Some information can effect the borrowing capacity of the client that they are not aware of.

3. Selection right product can help the client to save money for the life of the loan, achieve short term goal and long term goal of the client. Right structure of the loan also give client flexibility to have complete benefit of combination of products. Some offers from banks are extremely confusing for common people who are not observing the market for a long. Basically marketing offers or introductory interest rate, 1 year fixed rate can not be benchmark to determine who is offering bast product at this moment.

4 Different bank accept different set of documents for assessment of home loan pre-approval. So client can be eligible for home loan pre-approval for some certain banks. Failure to provide right documents to the lender can decline your home loan  pre-approval application.


When client is prepared with above all requirements for a home loan pre-approval application they can submit their application to the appropriate lender to have it approved at first time.


For first time home buyer loans The finance group have been helping clients to have home loan pre-approval for a long. Client here to submit an inquiry to apply for home loan pre-approval.


 

How loan a home loan pre-approval valid for ?

Home loan pre-approval is valid for 90 days to 60 days depending on the bank. If the home loan pre-approval become expired after the certain period client will have to resubmit all updated supporting documents to bank to have their home loan pre-approval renewed.


For first time home buyer loans The finance group have been helping clients to have home loan pre-approval for a long. Client here to submit an inquiry to apply for home loan pre-approval.