Apart from getting credit checks done twice, is there any other disadvantage of getting pre-approval from two lenders?
I already got 1 approval but another big lender could do 70k more for same income/expenses.
I haven't disclosed to this new lender yet that I already got pre-approval.
Thank you
How would you justify existing loan enuiry to new lender?
Two hits on your credit
Strangely, my recent (late last year) homeloan application (approved and settled) isn't showing up on my credit file, though my new credit card with a different lender is showing.
I would check around with more than just 2, some lenders give really high amounts compared to others (one would let us go 4x higher than the other 3 we asked).
Lenders max loan amount varies is because their assessment rate is different.
This is just a preapproval right? I wouldn't recommend putting another application in until you find what u need to buy and have certainty that u need the extra amount. Then you can just apply for the actual loan with the other lender.
Firstly, preapprovals are worth less than the Value of the paper it is printed on, and lenders aren't fond of multiple credit enquiries/applications within short periods (less than 6months)
I am quite afraid of applying for a finance after shortlisting properties. I will be more confident to target property once I know budget. Therefore I want to have pre-approval in place.
"Firstly, preapprovals are worth less than the Value of the paper it is printed on"
This is the key that not many people are aware of.
none, no different than applying for two jobs, or dating 2 chicks at the same time, your gonna pick the one that um suits your needs.