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I am in the process of buying my first home. I signed the contract without having my finance sorted and have been told that I shouldnt have done that? Is this correct? If so what are the implications?
Sat, 2008-04-19 18:45 — Anonymous
Your solicitor or conveyancer can best advise you in this matter. You should also contact us immediately to commence an application if you intend to proceed.
From a finance broker perspective we would prefer to have met with you and discussed your options and preferences which would lead to lodging an application for a home loan pre approval.
If you had the loan pre approval in place it would expedite proceedings at this stage and take the pressure off a lot of people involved.
From our experience, we observe that careful purchasers avoid signing purchase contracts until after they have a loan pre approval, have the building and pest reports and have a satisfactory lenders valuation or even an unconditional loan approval advice from the lender and have consulted with their legal representative.
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