What is pre-approval?
If you haven’t started your property search, or are still looking, a pre-approved loan is the perfect first step toward owning your new home. A loan pre-approval basically means that a lender has agreed, in principle, to lend you a certain amount of money but hasn’t proceeded to a full or final approval. Why is this important? It gives you a clear picture of what your spending limits are and gives you peace of mind that if you find a property you’re really interested in you can move quickly to make an offer!