Online home loan comparison platform MortgageMarket has introduced an instant pre-approval tool, to take the guesswork out of how much money the bank will loan potential home owners.
In a statement, MortgageMarket says its pre-approval tool will give customers an accurate indication of the home loan amount they could qualify for in just two minutes.
Founder and CEO Tim Akinnusi previously explained that one online MortgageMarket application gives homebuyers access to the entire home loan market without ever stepping into a bank.
One application goes to five of South Africa’s major mortgage lenders, after which customers can view competitive quotes to choose from, in real-time.
Getting pre-approval is the first step for all potential homebuyers when thinking about buying property, reads the MortgageMarket statement.
“It gives them the ability to shop with confidence, which is vital for clients when they engage with estate agents and residential developers to start the buying journey. Clients get a real-time credit score and affordability check, which are both key factors that make up the banks’ full credit assessments process. Importantly, this service is offered free of charge and does not affect the client’s credit score rating, in any way.”
MortgageMarket has partnered with credit bureau Experian, to provide clients with access to their credit record, says Akinnusi. “This is the same credit data all banks use as part of their credit assessment process. Therefore, customers can be confident our pre-approval tool gives them accurate results that are aligned to the same information the banks will review.”
The pre-approval tool requires a customer to answer a few quick questions first and will find out if they can afford the house within two minutes.
Once the results of the pre-approval are displayed, customers can then sign up and save their results on their MortgageMarket online profile, until they are ready to make an offer to purchase.
“We are excited about the enormous value this tool will add to the lives of all consumers, regardless of whether they are ready to buy the property, or just curious to find out what a bank is likely to provide them,” concludes Akinnusi.
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