Is a pre-qualification for a bank loan a common thing?

[cn@]

I planning to buy my first house and I've been advised to get a pre-qualification through a bank originator.

Is this quite common?

 

[zerocool2009]

I planning to buy my first house and I've been advised to get a pre-qualification through a bank originator.

Is this quite common?

Its purely to see in what price range you can buy (taking into consideration costs).

Example, on R700 000, the costs is R45000 (bond + initiation and transfer costs)

Alot of people planning on buying... but costs play a huge part!

And its more about budgeting (can you afford something)

 

[TheMightyQuinn]

I planning to buy my first house and I've been advised to get a pre-qualification through a bank originator.

Is this quite common?

Change your headline please...it's misleading. A bond and a bank loan is most definitely not the same thing.

 

[Tjoker]

I planning to buy my first house and I've been advised to get a pre-qualification through a bank originator.

Is this quite common?

I would suggest shop around for a good Bond Originator...I had two very very bad ones until I found my current one. On the ball and on your side versus the banks. If you in CPT, I can give you his contact details.

 

[I.am.Sam]

I would suggest shop around for a good Bond Originator...I had two very very bad ones until I found my current one. On the ball and on your side versus the banks. If you in CPT, I can give you his contact details.

send his details please

 

[Tjoker]

send his details please

Done! Good luck!

 

[Mike Hoxbig]

It helps to show sellers that you're a serious buyer, but isn't useful for much else.

The credit checks and whether you qualify based on more detailed criteria only happen once you actually apply for a bond...

 

[PsyWulf]

I planning to buy my first house and I've been advised to get a pre-qualification through a bank originator.

Is this quite common?

Yes