✅ Understanding Pre-Approval: What You Need to Know

✅ Understanding Pre-Approval: What You Need to Know

Thinking about buying but not sure where to start? Step one: get pre-approved. It’s one of the smartest moves you can make before house hunting — and it can save you time, stress and heartache along the way. Here’s what pre-approval actually means, how it works, and why it’s so important.

💰 What Is Pre-Approval?

Pre-approval (also called conditional approval) is when a lender agrees, in principle, to lend you a certain amount of money based on your financial situation. It’s not a final loan offer — but it’s a strong indicator of what you can afford and shows sellers you’re serious.

🧾 What You’ll Need

To get pre-approved, you’ll usually need to provide:

• Proof of income (payslips, tax returns, etc.)

• Details of your expenses and debts

• ID and personal details

• Savings and asset information

A mortgage broker or lender will assess your application and give you a price range based on what you can comfortably borrow.

🛍️ Why It Matters Before You Shop

Here’s why getting pre-approved before you start house hunting is such a smart move:

• Confidence: You’ll know exactly what your budget is

• Credibility: Sellers and agents take you seriously

• Speed: You can act fast when the right home pops up

• Clarity: You won’t waste time looking at homes outside your range

Think of it as your home-buying permission slip — it puts you in the driver’s seat.

⏳ How Long Does It Last?

Most pre-approvals last 60 to 90 days, so it’s worth applying when you’re ready to actively look. If your situation changes (like your income, job or debts), you may need to reapply — so keep your finances stable during this time.

🤝 Need Help Getting Started?

If you’re not sure where to begin, we can connect you with trusted local brokers who’ll guide you through the process step by step — no jargon, no pressure. Knowing what you can borrow is a game-changer and it’s one of the best things you can do to set yourself up for a smooth property journey.

Ready when you are
@ Real Estate 💚