Feature article
What is pre-approval?
This is a crucial step to understand.
AI summary
Pre-approval is the maximum amount a bank will lend you for a home loan, based on your earnings and savings. It provides confidence by showing you what you can afford before you start house hunting.
While it's not a final guarantee, it puts you in a strong position. Banks understand your spending will change with a mortgage, but they look for good financial management. Using a mortgage adviser can be especially helpful for navigating the process, particularly for freelancers.
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