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The lender does a quick credit check to see if she is likely to be accepted.
With this in hand, she can start her formal application and confidently proceed with her solicitor as discussed further in the video. Principle 6.28
Imagine Sarah, a first-time homebuyer, has found her dream house. Before she can make an offer, she needs to know how much she can borrow. This step, mentioned at 6 minutes and 28 seconds in this YouTube video , is known as obtaining an —sometimes called a "Decision in Principle" or "Mortgage in Principle." The lender does a quick credit check to
This isn't a final loan offer, but it is a vital document. It shows sellers that Sarah is a serious buyer, making her offer stronger than someone without one. Before she can make an offer, she needs
Within a few minutes, the lender gives her a document stating that they are prepared to lend her a specific amount (e.g.,
The lender does a quick credit check to see if she is likely to be accepted.
With this in hand, she can start her formal application and confidently proceed with her solicitor as discussed further in the video.
Imagine Sarah, a first-time homebuyer, has found her dream house. Before she can make an offer, she needs to know how much she can borrow. This step, mentioned at 6 minutes and 28 seconds in this YouTube video , is known as obtaining an —sometimes called a "Decision in Principle" or "Mortgage in Principle."
This isn't a final loan offer, but it is a vital document. It shows sellers that Sarah is a serious buyer, making her offer stronger than someone without one.
Within a few minutes, the lender gives her a document stating that they are prepared to lend her a specific amount (e.g.,
