Pre-Approval is Key
In Kenya’s competitive real estate market, homes sell fast. Without mortgage pre-approval, your dream home could slip through your fingers. Pre-approval not only simplifies the buying process but also strengthens your position as a serious buyer.
What is Mortgage Pre-Approval?
Mortgage pre-approval is a bank’s confirmation of how much you can borrow, based on your income and financial history. It’s different from pre-qualification because it involves documentation and verification, making it a stronger commitment.
Why It’s Critical for Buyers
- Negotiating power: Sellers and developers take pre-approved buyers more seriously.
- Faster closing: With financing already approved, the purchase process is smoother.
- Serious intent: Pre-approval signals you’re a committed buyer.
How to Get Pre-Approved in Kenya
The process involves providing ID, payslips, bank statements, and proof of income. Many Kenyan banks now offer pre-approval services, including for diaspora clients.
Diaspora Buyer Advantage
For Kenyans abroad, pre-approval reduces the risks of remote buying. It ensures you know your budget, streamlines communication, and builds confidence in purchasing.
FAQs
- Which banks offer mortgage pre-approval? Major leading banks like KCB, Co-op, and NCBA.
- How long does pre-approval last? Typically 60–90 days.
- Can diaspora buyers get pre-approved abroad? Yes, through diaspora mortgage packages.
Don`t Just Wait There
Mortgage pre-approval is not just paperwork, it’s your ticket to securing property in Kenya’s fast-paced market. Start your pre-approval journey today and seek assistance with the best team from Mi Vida.