If you're buying your first home, you can be forgiven if you're a little more than excited about it. It's one of the biggest purchases you'll make in your entire life, after all. Aside from that, your new home will also be where you will build your future in the next 20-30 years or so. However, don't commit the same mistake that other first time buyers have done before you. Instead of choosing a home first, you need to get your loan pre-approved before anything else. We'll share with you the reasons why later in this article, but before that, we'll talk about what a pre-approved loan is.
What a pre-approval does is show you how much you can borrow and how much your repayments will be. This is a lot more accurate than loan calculators and other forms of estimates since it takes into full account your finances. With that out of the way, let's move on to the reasons why you need to be pre-approved first. Here they are:
As a soldier never goes to war without his rifle (or a tank or an airplane), so you should not pick a property without getting a pre-approved loan first. Speaking of preparedness, take the first step towards it today with Rate Detective. Our professional advisors are ready to help you find the best loan for you and even show you rate comparisons of the top lenders based on your personal circumstances. Contact us today!