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.
Pre-approval
Mortgage preapproval is a process where a lender assesses a borrower's financial situation and creditworthiness to provide a preliminary approval for a mortgage loan. This preapproval is not a binding commitment to lend but rather an indication of the amount the borrower may be eligible to borrow and under what terms.
Before house hunting, a potential homebuyer can seek a mortgage preapproval from a lender. The lender reviews the buyer's financial information, credit history, and other relevant factors to provide an estimate of how much the buyer can borrow. This preapproval letter can strengthen the buyer's position when making an offer on a home, as it shows sellers that the buyer is a serious and qualified candidate.
Having a preapproval approved is just an indication that a lender feels like you have a suitable financial position. However, it isn’t a guarantee that they will approve your loan.
Learn MoreIn short, no they will not, they are different to a credit card or personal loan application. It will be recorded on your credit file as an enquiry though showing the lender, amount requested and date you applied.
Learn More
