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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