Itâ€™s a big disappointment to end up loosing a house because youâ€™ve failed to secure the finance in time. Most buyers begin their search for a new home by hunting through their local newspapers, or by approaching a real estate agent. But, searching of houses for sale should only begin after youâ€™ve calculated how much youâ€™re willing to spend and whether youâ€™re able to qualify for a home loan of that amount.
Pre-Qualified Home Loan Certificates protects new home owners from the disappointment of losing out on their dream home because they canâ€™t afford the mortgage.
The advantage of getting yourself pre-qualified is that youâ€™ll be able to narrow your property search to homes that fall within your budget as determined by the mortgage which youâ€™ve already been pre-approved for. This limits you from being tempted to over extend your finances in an attempt to buy a home which is slightly out of your budget.
Saul Geffen, of Mortgage SA explains, “The certificate is valid for 3 months and is an indication of the amount the client can buy for and that credit worthiness has been established upfront after a credit check with the client’s consent. All we need to pre-qualify a potential homebuyer is a copy of their latest payslip and ID document.
“Once pre-qualified, a prospective buyer is under no obligation to take out a homeloan – it’s merely a convenient tool to aid the buying and financial planning process.”
Often, being pre-qualified adds to the strength of your offer-to-purchase, making your offer more favorable to the seller.
Get yourself a pre-qualified home loan now â€“ complete this short form online.