Agreement In Principle What Do I Need

The amount you can borrow and the interest rate depends on a more detailed analysis of your finances. The size of your agreement can in principle be a useful indicator of what you can borrow. This allows you to search for real estate in your price range. Once you have your agreement in principle, you can look at real estate that falls within your specific price range; That is, the amount you could borrow, plus every deposit you might have saved. At this point, you don`t need supporting documents such as pay slips or bank statements. You don`t need to get an agreement in principle, but it can sometimes help when you`re looking for a home (see “How an AIP can help,” below). Most lenders do a “hard” credit search before offering you an agreement in principle that leaves a trace in your credit report. Real estate agents will often want to make sure you`ll be able to get a mortgage on a property before making an offer, so it can be helpful to have a deal until that date…