Dummies’ Guide to Buying a Home (Pt.1)
Here are the 6-steps you need to take note of when you buy a new home directly from a developer
If you work backwards, you need to obtain an Approval in Principle (AIP) from a bank as early as 90 days before signing the actual option to purchase (we will tell you why this is so important later)
*The AIP is essentially a formal or informal approval from a bank to extend you a loan within the next 30-90 days, based on your credit history and financial health. Think of it as ‘ensuring you can get a loan’ before the rest of the steps. To avoid any nasty surprises, always give the banks a full set of documents.