Being pre-approved doesn’t mean you’re approved. It means you have an idea of what you would likely qualify for.
The pre-approval process takes into account your credit score and determines the size of the home loan you would qualify for.
It does, however, provide proof you can afford the amount for which you’ve prequalfied. This proof can be useful when dealing with the property seller.
It also helps with your house hunt, as you know the price bracket you should be looking at if you want to improve your chance of home loan approval.
You can get pre-approved by contacting ooba Home Loans or by using our free, online prequalification tool, the Bond Indicator.