Are Pre-Approvals a Waste of Time? Absolutely Not.

At LBK Lending, we recently came across a bold claim: that mortgage pre-approvals are a “waste of time.” While this opinion wasn’t shared by a broker, what was surprising was the level of support it received.

Let us be clear—a quality pre-approval is one of the most valuable steps you can take in your home buying journey.

Here’s why we stand firmly behind pre-approvals:

✅ Know Your Borrowing Power

Understanding how much you can borrow helps you search for homes within your budget and prevents the disappointment of falling in love with a property that's out of reach.

✅ Avoid Surprises

A pre-approval allows us to identify and address any potential issues early on—credit history concerns, inconsistent income, or documentation gaps—before they become costly or delay your purchase.

✅ Negotiate with Confidence

When you're pre-approved, your application has already gone through an initial credit assessment. This can give you a stronger position when it comes to negotiating contract terms, making your offer more appealing to sellers.

✅ Peace of Mind

Buying a property can feel overwhelming, especially for first-home buyers. A pre-approval provides clarity and reassurance that both your broker and the bank have given you the green light to confidently make offers.

The Bottom Line

Far from being a waste of time, a pre-approval is a powerful tool that gives buyers certainty, strength, and confidence. It’s your foundation for a smooth and successful property journey.

If you're considering buying a home and want to know where you stand—get in touch with LBK Lending. We'll walk you through the pre-approval process and make sure you're in the best possible position to buy with confidence.