Q2 Finance | Find out your borrowing power with a pre-approval!

Know your buying power before you buy.

Obtaining a loan pre-approval is one of the most crucial steps you can take as a home buyer, especially if you’re new to the property market.

A loan pre-approval signifies that a lender has agreed, in principle, to lend you a specific amount of money towards the purchase of your home, although it hasn’t reached a full or final approval stage. It provides you with a clear understanding of your maximum available funds, allowing you to streamline your property search, negotiate with more confidence, and bid more assertively at auctions.

While a pre-approval is not a mandatory requirement in the home buying process, it can significantly simplify the journey and alleviate some of the associated stress.

Moreover, a pre-approval can enhance your appeal as a buyer to potential sellers. It demonstrates your seriousness in purchasing the property and reduces the likelihood of withdrawing your offer due to a lack of financing.

It’s important to note that certain factors can nullify a pre-approval. These include changes to your personal circumstances, alterations in government regulations, a negative valuation of the property, or changes in the property’s condition.

At Q2 Finance, we understand the significance of obtaining a loan pre-approval. Our team of friendly brokers will guide you through the process, ensuring that you have a clear understanding of the requirements and helping you secure the pre-approval necessary to move closer to owning your new family home or investment property.

By following these steps, you will experience a stress-free pre-approval process.

The job of a broker is to have clear access to a range of lenders. They’ll gather all of your information through a meeting and some questions. They’ll then take your income, expenses and goals into consideration while searching for potential options for you. We’ll also explain all the various fees, charges and costs that are involved, to make sure you’re on the right track.

Now that you’ve got options on the table, it’s time to apply to the most suitable one. We’ll be right there to offer you a guiding hand through the process. We’ll let you know what documents you need to provide, and you’ll also go through the tedious but necessary process of filling out and signing a number of forms. We will then send off the application to the mortgage lender when it’s done and dusted.

Once the lender gets your application, it’s all up to their team to decide. They’ll spend some time going through the information you’ve provided to make sure all the details check out and verify your identity and previous credit history. Once you pass, then congratulations – you’ve obtained pre-approval for the loan, and you now are ready to find your dream home!