To guarantee affordable property prices and rid our buying process off of all unqualified prospective buyers, unlicensed intermediaries and time wasters: We DON'T discuss property prices, location, schedule any site tour or property viewing, or any other details of our properties UNTIL your income and source of your net monthly income above GHs5,000 have been verified.
You can present us with a valid Pre-Approval Letter or Statement from a Regulated Traditional Bank or Mortgage Provider, or have you pre-approved by our in-house built-in direct mortgage provider.
Getting pre-approved for a mortgage (if you're not paying for the property at the outset in full) should be the first step in your homebuying journey - in line with global best practice, and NOT viewing properties you don't even qualify for.
WHAT IS HOMEBUYER PRE-APPROVAL ?
A homebuyer pre-approval is a lender's conditional commitment stating the exact loan amount you qualify for. It requires verifying your income, debts, and credit history. Having this document gives you a massive advantage, as it proves to sellers that you are a serious, qualified buyer ready to make an offer.
A mortgage preapproval is a statement of how much money a lender is willing to let you borrow to pay for a home.
Getting pre-approved for a mortgage is an important step in the homebuying process: It gives you a solid idea of how much you can borrow, and it shows sellers that you’re serious about buying a home, and not a time-waster or mere talker.
PRE-APPROVAL BEENFITS
Home ownership isn't for everyone. And, to make sure we're not wasting our resources (time, money, personnel, attention, etc) on irrelevant areas, prospective buyers are required to demonstrate to us that they qualify to buy from us.
Whether it’s a buyer’s or seller’s market, getting preapproved is essential for buying a home. Here’s what a preapproval does:
Focuses your home search:
Preapproval helps you understand your likelihood of being approved for a home loan and how much you may be eligible to buy. This means you can limit your home search to properties within your budget.
Gives you credibility with sellers:
Your preapproval makes your offer more compelling because it shows sellers you’re a serious buyer who’s likely to qualify for financing.
Helps you rate shop:
Getting preapproved with multiple lenders makes it easier to find the lowest mortgage rate - or bargain for it - which could save you thousands over the loan’s term.
Without a valid pre-approval, there will be:
- NO Project Site Tour
- NO Property Viewing
- NO Office Meeting
- NO Property Discussion
- NO Property Floor Plan Access
HOW TO GET PRE-APPROVED FOR A MORTGAGE
Credit report is not required when financing your purchase with our built-in direct mortgage. However, almost every standalone mortgage provider out there require you to have a decent credit report.
During your pre-approvals, lenders will run hard credit checks. Your credit score is important because it helps lenders determine the risk of lending to you. Consider checking your credit reports before your lenders do, in case there are errors that could impact your ability to get preapproved and obtain a favorable mortgage rate.
DOCUMENTS NEEDED FOR PRE-APPROVAL
To secure your pre-approval letter swiftly, you will generally need to provide the following documents to your lender:
Proof of Income:
Recent pay slips (usually for the last 3-6 months), bank statements, and tax returns (SSNIT statements or GRA returns).
Employment Verification:
A letter of employment from your company stating your tenure, basic salary, and allowances.
Personal Identification:
Valid National ID card (Ghana Card), passport, or driver's license.
Proof of Down Payment:
Bank statements showing funds for your equity contribution or deposit. Note: 100% LTV mortgages available via our in-house direct mortgages.