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

cn@

Expert Member
Joined
Aug 15, 2016
Messages
3,419
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

Executive Member
Joined
Sep 4, 2009
Messages
6,745
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)
 

Tjoker

Expert Member
Joined
Sep 22, 2009
Messages
1,564
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

Honorary Master
Joined
Jun 14, 2011
Messages
89,616
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
 

Mike Hoxbig

Honorary Master
Joined
Apr 25, 2010
Messages
38,078
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...
 
Top