Instant Mortgage Approval

Frquently Asked Questions

• Is it possible to make an offer on a house with a conditional approval?

  Make sure you’re in a solid position to make an offer by having a letter from your lender stating that you’ve received mortgage approval in principle, as well as a bank statement demonstrating that you have the funds for the deposit. When you can show that you are ready to buy, estate agents will be more receptive to your offer.

• How long does an approval in principle last?

  Because an approval in principle is only valid for 120 days (or 90 days if you’re refinancing), you must notify your lender if your circumstances change, such as if you receive a new job or even a promotion, as this could have a significant impact on your borrowing ability.

• What happens if the approval in principle is no longer valid?

  This is crucial: if you’re still waiting for your acceptance in principle when it expires, it’s game over, and you’ll have to play under the new rules. If you’re at the loan offer stage, however, you should be alright.

• What is the procedure for obtaining an Approval in Principle?
  • Examine your financial records, such as your income and credit history. If you clean up your credit history before applying for a home loan, you’ll have a better chance of getting an Approval in Principle.
  • Determine how much of a loan they’re willing to provide you. This is crucial since they need to know if you can afford the monthly mortgage payment.
  • Specify the terms and circumstances that must be met in order for the home loan to be approved.
  • If your application is approved, you will receive the relevant documentation from the bank confirming that your application has been authorized in principle. Following that, the bank will send in an evaluator to the property to confirm that the property has sufficient value to secure the loan amount granted in principle. If the bank is satisfied, you will be approved for a home loan.
  • You can then accept the offered house loan, reject it, or, if possible, bargain further on the loan’s terms and conditions.
• Is approval in principle the same as approval?

  Pre-approval (also known as “approval in principle”) is a risk-free technique to estimate how much you can borrow from a lender before making an offer on a home. As a result, it’s crucial to remember that pre-approval isn’t a guarantee that you’ll get a house loan.