In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Conditional approval
Conditional home loan approval (also known as pre-approval) means that a lender has made an initial evaluation and decided, in principle, to lend you money towards the purchase of your home but hasn’t proceeded to full or formal approval yet. They may set certain conditions including providing additional documentation, resolving certain credit issues or making sure the security is appropriate and meets their lending criteria.
Getting a pre-approval for your home loan allows you to proceed with your home search and enquire with confidence. You can make an offer on a property and then work with the lender to meet any outstanding conditions before moving to the unconditional phase.
Conditional approvals have a limited validity period of 60-90 days depending on the lender. Some lenders allow you to extend them, whereas others may require a brand new application.
They are different in the fact that a conditional approval comes after pre approval and tends to go into more depth. An underwriter conducts a strict documentation review before your loan is conditionally approved.
Learn MoreWhen closing, they typically have a timeframe of three months but even then, nothing is set in stone prior to settlement.
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