Couverture de Dollars & Distractions – Episode 6: Pre-Approval First, Property Second - Why Timing Matters More Than You Think

Dollars & Distractions – Episode 6: Pre-Approval First, Property Second - Why Timing Matters More Than You Think

Dollars & Distractions – Episode 6: Pre-Approval First, Property Second - Why Timing Matters More Than You Think

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 Episode Summary In this episode of Dollars and Destructions, we’re diving into a topic that can make or break your home buying journey… pre-approvals. We’ve been seeing a growing trend lately, buyers signing contracts before their finance is properly sorted, and honestly… it’s creating a lot of unnecessary stress (for you and for us 😅). So today, we’re breaking down:
  • What a pre-approval actually is
  • The difference between “quick” vs fully assessed pre-approvals
  • The risks of skipping this step
  • And how getting organised upfront can save you time, money, and a whole lot of pressure
If you’re thinking about buying, or even just starting to look, this episode is a must-listen. What We Cover

💡 What is a Pre-Approval (and why it matters) Not all pre-approvals are created equal. We explain the difference between:
  • A computer-generated (generic) pre-approval
  • A fully assessed pre-approval by a lender
Spoiler alert… one of these gives you real confidence, the other not so much.

⚠️ The Risk of Signing a Contract Too Early We’re seeing more buyers:
  • Signing contracts before finance is approved
  • Rushing decisions due to competition in the market
  • Backing themselves into tight finance deadlines
The reality?
You can end up:
  • Racing the clock
  • Limited to certain lenders
  • Or needing stressful extensions just to make things work
⏳ Why Timing is Everything Without a pre-approval, your finance timeline starts after you sign the contract. With one already in place:
  • The heavy lifting is done
  • You can move faster
  • You may even negotiate better contract terms
💸 Hidden Risks You Might Not Expect We also talk about things that can come up after you sign:
  • Credit history surprises
  • Changes in employment
  • Taking on new debt (like car finance 🚗)
These can impact your approval… even if you thought everything was fine.

🧠 Confidence Comes from Clarity A pre-approval doesn’t just tick a box, it gives you:
  • A clear budget
  • Confidence when making offers
  • The ability to act quickly in a competitive market
As we say in the episode:
Knowledge = confidence

📅 How Long Does a Pre-Approval Last?
  • Typically valid for 90 days
  • Often extendable for another 90 days
  • Up to 6 months total, as long as your situation doesn’t change
Key Takeaway Even if you’re “just looking”… getting a pre-approval early can:
  • Reduce stress
  • Give you clarity
  • And put you in a stronger position when the right property comes along
🎯 Your Next Step Thinking about buying but not sure where to start? Let’s have a chat 😊
We’ll help you understand your position and get you set up the right way, before you start house hunting.

Connect With Us

📲 Follow along for more first home buyer tips
📅 Book a quick chat with us to get started - https://link.teamos.ai/widget/bookings/maryanne-elliott-phone-meeting
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