Benefits of Loan Pre-Approval
Making big purchases, like a new car or home is exciting! It also requires thinking about your situation and choices carefully. You may also need to act quickly when necessary, which can be tricky.
A fast loan pre-approval is a helpful tool that can make this process easier. It increases your chances of buying what you want before someone else does and takes some of the stress out of these monumental decisions!
What's Conditional Pre-Approval?
Conditional pre-approval is like a signal from a lender. It tells you that you can ask for a loan up to a certain amount. But you don't have to take the loan, and the lender doesn't have to give you that much money. However, it tells a seller that you're serious about buying and that you're sure you can pay for what you want.
To figure out how much you can borrow, the lender looks at your financial situation and the price range of whatever it is you want to buy.
Why Consider Pre-Approved Loans?
Conditional pre-approval not only shows sellers that you're serious about buying, but it also helps you with your finances and budgeting once you find what you want.
If you're just starting to think about buying a home for example, getting a swift pre-approval helps you look for homes that you can more likely afford. It gives you an idea of how much money the lender might lend you. If something changes while you're looking – like your money situation – you can update your pre-approval.
How to access Fast Loan Pre-Approval from Horizon Bank?
You can apply for a loan online, pop into your local Horizon branch, or give us a call and talk to a lender. Here's what you should know:
- The price range of what you want to buy
- If you've saved money for part of the purchase
- How much you earn
- How much you spend on living expenses
How Long Does Loan Pre-Approval Last?
When pre-approved for a loan, the pre-approval generally will last for two months. Need longer? No stress! We just need to revisit your documents to give you more time. Speak to your lender to learn more about the duration of your individual pre-approval.
Time to Buy, What Happens Next?
Once you find what you want to buy you just provide the details to the lender and seek formal approval. This significantly reduces turnaround time in order for you to make your purchase quickly.
With 10 branches located in Thirroul, Wollongong, Albion Park, Berry, Nowra, Ulladulla, Moruya, Bega, Bermagui and Merimbula, we have got the NSW South Coast covered. Not a local? Not a worry! Reach out to us by filling in an online application form and we’ll assist you over the phone and email.
