Not sure how much you can borrow? A mortgage pre-approval is the perfect place to start.
Whether you're buying your first home, refinancing, purchasing an investment property, looking to move or planning to build, a mortgage pre-approval can give you a clearer understanding of how much you may be able to borrow.
Your borrowing capacity will depend on factors such as your income, deposit, existing debts, living expenses and overall financial position. Getting pre-approved before you start seriously looking for a property can help you set a realistic budget and put you in a stronger position when you're ready to make an offer.
As an experienced Christchurch mortgage broker, I'll help you understand your lending options, prepare your application and work with the lender to obtain your mortgage pre-approval. I'll be there to guide you from pre-approval through to settlement.”
What does mortgage pre-approval mean?
A mortgage pre-approval is an indication from a lender of how much they may be prepared to lend you, based on the information provided as part of your application.
It can give you confidence when you're looking for a property because you'll have a better understanding of your potential borrowing range before making an offer.
Pre-approval is usually subject to conditions, and the lender will still need to assess the property and any outstanding requirements before providing final approval.
What do lenders look at when assessing pre-approval?
When you apply for pre-approval, the lender will generally look at your overall financial position, including:
Your income and employment
Your deposit or available equity
Existing mortgages and other debts
Credit card limits and other commitments
Living expenses
Your proposed borrowing
The lender's own lending criteria
I'll help you understand what information and documents are required and make sure your application is presented clearly.
What documents do I need for mortgage pre-approval?
The documents you need will depend on your circumstances, but may include:
Proof of income
Recent bank statements
Identification
Evidence of your deposit
KiwiSaver information, if applicable
Details of existing debts
Additional financial information if you're self-employed
I'll let you know exactly what is needed for your application.
When should I get pre-approved?
Ideally, before you start seriously looking for a property.
Getting pre-approved early gives you a clearer idea of your budget and allows you to identify any potential lending issues before you find a property you want to buy.
It can also put you in a stronger position when you're ready to make an offer.
What happens after I get pre-approved?
Once you have your pre-approval, you can start looking for a property within your approved borrowing range.
When you find the right property, I'll work with you and the lender to satisfy any remaining conditions and arrange approval for the specific property.
I'll continue to help you through the process right through to settlement.
Ready to get pre-approved?
Book a Mortgage Pre-Approval with Martin Today
Don't start house hunting without knowing what you may be able to afford. I'll help you understand your borrowing options, prepare your application and work with the lender to get your pre-approval underway.
Pre-approval FAQs
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Yes — that's one of the main benefits of getting pre-approved.
You can apply for pre-approval before you start seriously looking for a property. This gives you a clearer idea of what you may be able to afford and helps you focus your search within a realistic price range.
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The timeframe can vary depending on your circumstances, the lender and how straightforward your application is.
Having your income, deposit, bank statements and other supporting documents ready can help the process move more quickly.
I'll prepare your application and work with the lender on your behalf to help keep things moving.
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The length of a pre-approval can vary between lenders and depends on the terms and conditions attached to the approval, normally between 60 and 90 days.
If your pre-approval is approaching its expiry date and you haven't found a property, I can discuss the next steps with you and check whether it can be extended or needs to be reassessed.
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No. A pre-approval is not a guarantee of final lending approval.
Once you've found a property, the lender will generally need to assess the property and make sure any outstanding conditions of the pre-approval have been satisfied.
I'll help you work through these requirements before you commit to the purchase.
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Potentially, depending on your circumstances and the lender's criteria.
Some lenders offer low-deposit lending, and eligible first home buyers may have additional options.
I'll look at your deposit, income, debts and overall financial position and explain what may be achievable.
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Don't assume you can't buy it.
If you've found a property above your approved amount, I'll review the numbers with you and see whether there are any options to increase your lending.
Any increase would need to be assessed and approved by the lender, so it's important not to make an offer based on finance that hasn't been confirmed.
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Yes, potentially. Having existing debts doesn't automatically prevent you from getting mortgage pre-approval.
The lender will consider your income, existing mortgage, personal loans, credit card limits, other commitments and living expenses when assessing how much you may be able to borrow.
I'll help you understand how your existing debts may affect your borrowing capacity.
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Yes, self-employed borrowers can apply for mortgage pre-approval.
Lenders may require additional financial information to verify your income, and the documents required can vary depending on your circumstances and how long you've been self-employed.
I'll explain what information you'll need and help identify lenders that may suit your situation.
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No, you can approach a bank directly for mortgage pre-approval.
However, a mortgage broker can compare lending options from multiple lenders rather than dealing with just one bank. I'll help you understand your options, prepare your application and manage the process with the lender.