It can be very beneficial to secure pre-approval for your mortgage before you start house hunting.
Not only does it set a limit on how much you have to spend, it means you can bid or negotiate confidently when you do find a property that you want to buy. It also shows the vendors, and the agents, that you are serious about buying and it helps speed up the process when you do find a home you like.
As with home loan applications there are a few things you can do to make sure your pre-approval application is approved.
- Firstly save that deposit - the bigger, the better your chance.
- Make sure you have paid off any short term loans that you can, and pay any credit card debt each month.
- You will also want to take care of your every day accounts. A lender will want to see that you live within your means, so try to leave some money aside, after all your expenses each month.
If you are considering applying for pre-approval it might be worth having a look here for more information, or get in touch and I'll talk you through the process.