It’s easy to get carried away with the fun part of buying a property – looking at houses – but delaying the less compelling task of arranging finance will weaken your negotiating position on both the property and the loan.
Looking for property to purchase is exciting!
Looking for property to purchase is exciting. You got to check the location, the size, the number of rooms, and the local amenities. However, it is important to check the essentials first. Although organizing your finances may seem drab in comparison to perusing sales listings, gaining pre-approval with a lender will give you confidence about how much you can afford to borrow.
Arranging finance before finding the perfect property will put you in a good position when it comes time to make an offer. When you do find the house you’ve always wanted, you can present it to the seller and estate agent as a prepared applicant who is serious and reliable. Also, in this way, you give the seller peace of mind that your financial position is strong and will not fall through. Sellers will most likely prioritize house-hunters with pre-approval handy.
Did you know that your profession can save you on your home loan?
Doctors, accountants, lawyers, and teachers are commonly eligible for home loan discounts, or particular loan types without fees, based on their professions. To qualify you must apply with a lender that offers your profession a special discount and meet that lender’s criteria. Because lenders don’t publish these offers, to benefit from the discounts it’s best to have your broker by your side. Not only will they know which lenders to apply to, but they will also assist you with pricing requests and negotiating the best possible interest rate.
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