What is a pre-approval?

June 29, 2015

Before you start scouring the net or papers for your dream home, Better Choice highly recommends that you approach your Broker and get a preapproval loan application underway.

A pre-approval application seeks an “approval in principle”.  That is, subject to you contracting on a property of similar value to what was specified in the preapproval application, the Lender will work towards upgrading the pre-approval to a formal approval

Preapprovals are clearly only available for residential property.

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