Mortgage Minute: Does pre-approved finance expire?
In this Mortgage Minute we take a look at what happens if your finance offer or pre-approval expires.
Depending upon the lender and intent of lending, finance has different expiry timelines. Generally you are looking at 60-90 days before finance needs to be extended. Banks reserve the right at each roll over to request updated information such as payslips and bank statements.
This process is repeated until 12 months when your finance offer then completely expires requiring another full application based upon updated rates and lending criteria.
In most instances the onus is on the borrower to manage this process and often this can result in finance expiring and buyers being left short at crucial times.
At Loan Market one of the benefits of working with us is that we will manage this for you every step of the way, prompting you well before your finance expires and helping you renew the finance offer.
So give us a buzz today on 471 8824 or Google Loan Market Dunedin and we can help you apply for and maintain finance until you have settled on your new home.