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What is Mortgage Loan Pre-Approval?
Mortgage loan pre-approval is the first and most important step before searching for a property.
Through this process, banks assess your financial profile and inform you of the amount you may be eligible to finance, before you proceed with a purchase.
Proper pre-approval saves time, prevents rejections, and allows you to move forward in the real estate market with confidence.
What does mortgage loan pre-approval mean?
Pre-approval is the initial assessment of your borrowing capacity by the bank, without requiring a specific property.
Based on your income, obligations, and credit history, the maximum loan amount you can obtain is determined.
When is pre-approval required?
Pre-approval should be obtained before searching for a property, so that you know your actual budget and avoid delays or rejections during the loan application process.
What do banks assess?
• Income and employment stability
• Existing loan obligations
• Credit history
• Overall financial profile and savings
How long does pre-approval take?
The process usually takes from a few days up to two weeks, depending on the completeness of the file and the bank’s evaluation speed.
How does a Mortgage Advisor help?
Guidance from a certified advisor significantly reduces the evaluation time, prevents errors in the file, and increases the likelihood of approval through proper preparation and selection of the appropriate bank.
Frequently Asked Questions about Mortgage Loan Pre-Approval
What is mortgage loan pre-approval?
Would you like to find out your financing capacity immediately?
The assessment and support for the mortgage loan are provided without any charge to the property buyer, within the framework of the financing process.
Pre-approval is the initial assessment of borrowing capacity by the bank before selecting a specific property. Based on income, obligations, and credit history, the financing amount that can be approved is determined.
How long does mortgage loan pre-approval take?
It is usually completed within a few days to two weeks, depending on the completeness of the supporting documents and the bank’s evaluation timeframe.
Do I need to have selected a property for pre-approval?
No. Pre-approval is carried out without a specific property and helps you determine your available budget before beginning your search.
Is mortgage loan pre-approval free of charge?
Yes. The initial assessment and guidance from a mortgage advisor are provided without any charge to the applicant.
What is mortgage loan pre-approval?
The information on this page is based on the professional experience of Georgios Evangelinou, a certified Credit Intermediary for real estate loans authorized by the Bank of Greece and founder of Hellenic Financial Advisors.