Need advice!
I have experienced some issues with clients having pre-approvals with lenders and when it comes to finance clause finance is declined. Do different lenders have different levels of Pre-Approval?
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The simple answer is Yes each bank have differing levels of pre-approval. In some cases lenders do not even assess documents sent to them to verify details, realistically these pre-approvals may not be worth the paper they are written on. A few lenders look at the entire application except for valuation on the new property. It pays to have your pre-approval with a lender that does all the work to start with as this will also save you a lot of time once you have located a property.
Good questions Jesse and very appropriate in the current market.
Thanks Mark Lewis
Zar Mortgage Brokers
The opinions expressed here are those of the individual and not those of Homely.com.au.
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