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Loan pre-approval
ĞĨŽƌĞ LJŽƵ ĞǀĞŶ ƚŚŝŶŬ ĂďŽƵƚ ǁŝŶĚŽǁ ƐŚŽƉƉŝŶŐ Ăƚ ƌĞĂů ĞƐƚĂƚĞ ĂŐĞŶƚƐ Žƌ ƚLJƉŝŶŐ
ŝŶ ƐĞĂƌĐŚ ƚĞƌŵƐ ĨŽƌ ƉƌŽƉĞƌƟĞƐ ƚŽ ĐŚĞĐŬ ŽƵƚ ƚŚĞ ŽŶůŝŶĞ ŽīĞƌŝŶŐƐ͕ LJŽƵ ƐŚŽƵůĚ
obtain pre-approval.
tŚLJ Ă ƉƌĞͲĂƉƉƌŽǀĂů͍
Contract of Sale
Pest Inspection
Pre-Approval Making an Offer/ Conditional Building Insurance Valuation Building and LMI Approval Unconditional Exchange Mortgage Pre-Settlement
of Contracts
Documents
Inspection
Phase
01 02 03 04 05 06 07 08 09 10 11
WƌĞͲĂƉƉƌŽǀĂů ŝƐ ƚŚĞ ďĂŶŬ͛Ɛ Žƌ ůĞŶĚĞƌ͛Ɛ ǁĂLJ ŽĨ ĐŽŶĮƌŵŝŶŐ LJŽƵ ŵĞĞƚ ƚŚĞŝƌ ůĞŶĚŝŶŐ
ĐƌŝƚĞƌŝĂ ĂŶĚ ǁŝůů ƌĞĐĞŝǀĞ ƚŚĞ ĂŐƌĞĞĚͲƚŽ ĂŵŽƵŶƚ ŝĨ ƚŚĞ ƉƌŽƉĞƌƚLJ LJŽƵ ĐŚŽŽƐĞ ƉĂƐƐĞƐ
ƚŚĞŝƌ ǀĂůƵĂƟŽŶ ŝŶƐƉĞĐƟŽŶ ĂŶĚ ŵĞĞƚƐ ƚŚĞŝƌ ŵŽƌƚŐĂŐĞ ŝŶƐƵƌĂŶĐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ͘
dŚŝƐ ĂůůŽǁƐ LJŽƵ ƚŽ ƐŚŽƉ ǁŝƚŚ ĐŽŶĮĚĞŶĐĞ ŬŶŽǁŝŶŐ LJŽƵƌ ĐŽŶĮƌŵĞĚ ƉƌŝĐĞ ƌĂŶŐĞ͘
,ĂǀŝŶŐ ƉƌĞͲĂƉƉƌŽǀĂů ƵƉ LJŽƵƌ ƐůĞĞǀĞ ĂůƐŽ ƐƚƐ LJŽƵƌ ŶĞŐŽƟĂƟŶŐ ƉŽǁĞƌ ǁŚĞŶ ŝƚ
ĐŽŵĞƐ ƚŽ ŵĂŬŝŶŐ ĂŶ ŽīĞƌ͘ &ŝŶĂŶĐĞ ;Žƌ ůĂĐŬ ƚŚĞƌĞŽĨͿ ŝƐ ŽŶĞ ŽĨ ƚŚĞ ŵĂŝŶ ƌĞĂƐŽŶƐ
ĐŽŶƚƌĂĐƚƐ ĨĂůů ŽǀĞƌ͖ ĂŶ ĂŐĞŶƚ ǁŝůů ĨĂǀŽƵƌ ŽīĞƌƐ ŵĂĚĞ ďLJ ƚŚŽƐĞ ǁŚŽ ŚĂǀĞ Ă ƉƌĞͲ
approved loan amount.
Hot Tip: Ensure your loan pre-approval is a ĨƵůůLJ ǀĞƌŝĮĞĚ ƉƌĞͲĂƉƉƌŽǀĂů
ǁŚĞƌĞ ƚŚĞ ůĞŶĚĞƌ ŚĂƐ ĂĐƚƵĂůůLJ ƌĞǀŝĞǁĞĚ LJŽƵƌ ƐƵďŵŝƐƐŝŽŶ͕ ƉĂLJƐůŝƉƐ͕
bank statements and issued the approval.
DĂŶLJ ůĞŶĚĞƌƐ ǁŝůů ŝƐƐƵĞ Ă ƉƌĞͲĂƉƉƌŽǀĂů ůĞƩĞƌ ƚŚĂƚ ƐƚĂƚĞƐ ƚŚĞ ĂƉƉƌŽǀĂů
ŝƐ ͞^ƵďũĞĐƚ ƚŽ ƚŚĞ ůĞŶĚĞƌ ĐŽŶĮƌŵŝŶŐ ƚŚĞ ĂƉƉůŝĐĂŶƚƐ ŵĞĞƚ ƚŚĞŝƌ ůĞŶĚŝŶŐ
ĐƌŝƚĞƌŝĂ͘͟ /Ĩ ŝŶ ĚŽƵďƚ͕ ĐŽŶĮƌŵ ǁŝƚŚ LJŽƵƌ ďƌŽŬĞƌ ƚŚĞ ƚLJƉĞ ŽĨ ƉƌĞͲ
ĂƉƉƌŽǀĂů LJŽƵ ĂƌĞ ĂƉƉůLJŝŶŐ ĨŽƌ ƚŽ ĞŶƐƵƌĞ ŝƚ ŝƐ ĨƵůůLJ ǀĞƌŝĮĞĚ͘
,Žǁ ŵƵĐŚ ĚŽĞƐ Ă ƉƌĞͲĂƉƉƌŽǀĂů ĐŽƐƚ͍
DŽƐƚ ůĞŶĚĞƌƐ ǁŝůů ŶŽƚ ĐŚĂƌŐĞ LJŽƵ ĨŽƌ ƉƌĞͲĂƉƉƌŽǀĂůƐ ĂŶĚ ƚŚĞƌĞ ŝƐ ŶŽ ŽďůŝŐĂƟŽŶ
ĨŽƌ LJŽƵ ƚŽ ĂĐĐĞƐƐ ƚŚŝƐ ŵŽƌƚŐĂŐĞ ŽīĞƌ ŽŶĐĞ ŝƚ ŚĂƐ ďĞĞŶ ŐƌĂŶƚĞĚ͘ ^ƚĂŶĚĂƌĚ
ƉƌĞͲĂƉƉƌŽǀĂůƐ ĂƌĞ ǀĂůŝĚ ĨŽƌ ϵϬ ĚĂLJƐ͕ ǁŚŝĐŚ ŐŝǀĞƐ LJŽƵ ƚŚƌĞĞ ŵŽŶƚŚƐ ƚŽ ĮŶĚ Ă
ƉƌŽƉĞƌƚLJ LJŽƵ ůŽǀĞ͘ /Ĩ LJŽƵ ƐƚƌƵŐŐůĞ ƚŽ ůŽĐŬ ƐŽŵĞƚŚŝŶŐ ŝŶ ŽǀĞƌ ƚŚĂƚ ƉĞƌŝŽĚ͕ ŽŌĞŶ
LJŽƵ ŽŶůLJ ŶĞĞĚ ƚŽ ƉƌŽǀŝĚĞ Ă ĨĞǁ ƵƉĚĂƚĞĚ ĚĞƚĂŝůƐ ƚŽ ƌŽůů ƚŚĞ ĂƉƉƌŽǀĂů ŽǀĞƌ ĂŶĚ
restart the clock.
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