The 6 best reasons to get a Loan Pre-Approval for your French Property
- Getting a formal pre-approval letter from French Mortgage Xpress can tell you the maximum a lender is likely to loan you, which will help you narrow down your property search to within the price range you can afford.
- You can get an idea of what your monthly re-payments will be for your French Mortgage and your new property in France.
- You’ll have more credibility with the real estate agents and with vendors if your loan is pre-approved. Some agents won’t take you seriously until you have the pre-approval. They don’t want to waste their time, or yours.
- French Mortgage loan approval takes time. If you wait to apply for a French Mortgage after you’ve actually made an offer, you could lose out on the property to someone else who already has the finance in place or has the loan pre-approved.
- The lender can often lock in an interest rate, which protects you if rates rise while you are looking for your new property.
- Pre-approval gives you at least some peace of mind, which you will appreciate during the often stressful process of buying a home, especially one in another country.
Don’t confuse loan pre-approval with pre-qualifying for a loan. Lenders will often pre-qualify a would-be buyer based on what you tell them about your income, employment and basic credit information, like how much you currently owe on credit cards or other loans. The lender is not agreeing to loan you money or committing to an interest rate. But the process can tell you whether it makes sense to move forward in your home search.
Loan pre-approval is a more formal process. You’ll need to provide your French Independent Mortgage Broker a lot of information about yourself, especially about your income and outgoings and general spending and saving habits.
If you get pre-approved for your French Mortgage, you’ll receive a letter telling you the maximum loan you can get and some sample interest rates you could qualify for. The first step in arranging this Pre-Approval letter is to complete the Quote Request Form
Matt Frost, the founder and Managing Director of French Mortgage Xpress, has now processed more than 500 mortgages for non-residents buying in France. French Mortgage Xpress prides itself in delivering an A-Z professional service and will work with the customer throughout the loan approval to final completion. For further information please visit the French Mortgage Xpress.com website call now on +33(0)4.92.98.80.70