The importance of mortgage pre-approval when buying a property

February 28, 2023

Thinking of buying a home is exciting. We know the traditional process that follows can be even more intimidating. Nomad Homes helps with the property search but can also guide you through the financing in Dubai. Our best advice is to start by getting pre-approved.

If you are thinking of buying a home, what should your first step be?

A) Research different neighborhoods
B) Look through villas and apartments for sale
C) Get pre-approved


C) Get pre-approved.

Probably the first, most important task to complete when starting the home-buying process.

A pre-approval is a letter from the bank stating how much they have determined you can borrow. This is calculated by looking at your income, liabilities and credit history.

If you haven't started with your pre-approval yet, we can help you.

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3 reasons why a pre-approval is important

Here are 3 reasons why a pre-approval will ensure a smooth home-buying journey:

1. Understanding how much you can afford

Premature research of neighborhoods and properties for sales may lead to some disappointment. You don’t want to find yourself falling in love with a villa that you cannot afford and nothing is worse than having to lower your expectations. Once you understand how much you are able to spend, we can filter your search and only share options within your price range.

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2. Advantage over the competition

The seller wants nothing more than to sell and would not want to waste their time with anyone that isn’t a serious contender. Having this letter from the bank puts you ahead of your competition and shows you mean business.

3. Ready, set, go

The pre-approval process can take anywhere between 2 days to 2 weeks and is valid for 60 days. Timing is everything. Save yourself the stress and heartache of potentially losing your dream home only because you didn’t have your mortgage pre-approved at the time of placing an offer. Having your pre-approval letter will prove you are ready and that the process will move quicker.

Start your journey and connect with an Advisor today.

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