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What is a mortgage pre-approval?

A mortgage pre-approval is a document from a lender stating the loan amount they are willing to give to a borrower. While it does not guarantee a mortgage loan.

Getting a mortgage pre-approval is the first step you’ll need to take on your path to becoming a home-owner!

So first, what does pre-approval mean?

A mortgage pre-approval is a document from a lender stating the loan amount they are willing to give to a borrower. While it does not guarantee a mortgage loan, it is an essential first step in your quest to find a dream home.

Here at Huspy, we’ve identified the 5 most important things you should know about getting pre-approved:

How much can you afford to buy a home?

There’s no point looking for a home if you have no idea how much you are eligible to borrow from the bank. By applying for pre-approval, you can see exactly how much money you can get to buy a home. Lenders look at things like your income, liabilities or debts, assets, and credit score to decide how much they will lend to you.

When should you get pre-approved?

The best time to get pre-approved is at the start of your journey to buying a new home. Once you’ve been pre-approved, you’ll have a clear picture of how much you can afford to borrow. This will help you narrow down your options and keep your search focused on what you can actually afford, not that multi-million dollar yacht you saw going for sale.

How do you get pre-approved for a mortgage?

Easy! Getting pre-approval means your lender will want to take a look at your finances, so there are a few documents you’ll need to provide. They include:

  • Passport, visa, and residency card (if applicable, e.g. Emirates ID)

  • Latest salary certificate

  • Last 6 months of salary account statements

  • Last 6 months of payslips (if salary variance is present)

  • Proof of current address (DEWA bills or Ejari contract)

Latest credit card(s) statements

Proof of additional income (i.e. rent, bonuses, etc.)

Once you’ve submitted all your information, you can expect to receive your pre-approval in a matter of days, not weeks.

Got all your documents ready to go? Apply for pre-approval now to see how much you can afford!

Why should you get pre-approved?

Getting a mortgage pre-approval letter is an essential part of the home buying process. First, it shows real estate agents you’re a serious buyer. Many agents typically ask to see your pre-approval letter before showing you houses. Second, it makes your offer stronger by showing sellers that you can get financed for the amount you’ve offered. Finally, because pre-approval requires getting the majority of the paperwork done upfront, it means you can speed up the process of buying your home once you’ve had an offer accepted!

Can you get pre-approved online?

Of course! In fact, you can do it right here. Our online application asks you a few simple questions to evaluate your eligibility for a home loan. The whole process should take no more than 15 minutes. We’ll let you know how much you can borrow, which banks will lend to you, and we’ll also find you the best rates. Once you’ve uploaded all your documents, you can sit back and relax!

Getting the keys to your new home

Pre-approval is an important step toward buying a home. Once you’re financially verified, you’ll have a clear idea of how much you can afford, and it will help speed up the process of buying a home once you’ve had an offer accepted.

Ready to get pre-approved? Apply now with Huspy and take the first step toward finding your dream home!"

Written by Huspy Team

Published on 1 May 2021

Home buying made simple

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Business Bay, Dubai

United Arab Emirates

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