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Home Loan Pre-Approval Certificate
Buying a new house in South Africa or just looking
for a better home loan or
mortgage rate.
Pre-Approval Certicicate
If you haven't purchased your home yet it is advisable to get a pre-approval certificate. A pre-approval certificate is a firm commitment from the bank saying that they have given you a home loan.
With this pre-approval certificate it's far easier to look for a new home as you know how much you can spend. Plus by having this certificate, it's almost as good as cash in your pocket as your home loan has already been pre-approved.
Advantages
From an Estate Agents and Sellers point of view, it will give them more confidence, as it will show that you are a serious buyer and will allow you to enter into negotiations far easier, as they will treat you as a cash buyer.
It will also give you an advantage on other offers, as the Seller often takes a risk when accepting an offer that is subject to finance.
Once you have made your offer to purchase, a pre-approval certificate will also save you time because most of the paperwork will already have been done.
Please note :
This pre-approval certificate does not guarantee your home loan in all cases. The bank will still need to value the property to see if the price you have offered is market related, so make sure you do your homework, by checking out the selling prices of similar properties in the same area.
A pre-approval certificate is usually valid for a period of 90 days.
To apply for a pre-approval certificate, complete our online application form and when a consultant phones you, tell them that you want a pre-approval certificate. They will assist you with any questions you might have regarding the whole process.
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