The application procedure for a house loan can be lengthy and complicated.
People often don’t know where to begin when applying for a mortgage because there are so many steps involved.
1. Consult a mortgage broker.
The easiest way to find out if you qualify for a home loan is to speak with a mortgage broker.
In most circumstances, a broker’s services are free. They have connections with a variety of large banks and lenders, as well as specialized lenders, which can be beneficial if you don’t fit into standard policies.
When compared to going directly to the bank, you will receive a faster and easier approval because the broker will manage the application procedure from beginning to end.
2. Preliminary assessment
Brokers will require all supporting documents to be able to give you a rapid and accurate assessment. Your broker will determine which lenders can help and compare the best loans with the lowest interest rates. The preliminary assessment is a lengthy process in which can uncover any potential issues from a loan standpoint.
In this stage you will determine your borrowing capacity, commonly known as borrowing power.
3. Submit to a lender
Your broker will get ready to submit your application to the lender once you’ve decided on the best loan for you. The broker will submit the application to the lender’s system and email the lender your supporting documents.
4.Comply with the Requirements
Once you’ve been authorized, the lender will offer you with a list of conditions that you must meet in order to receive the loan. Examples of these requirements include an appraisal, a clear title, and homeowners insurance. In order to proceed with the mortgage application, you must now ensure that you meet all of the given conditions.
5. Close the deal
This is the final stage of the mortgage application process. Once the loan has been issued, the buyer, the seller, as well as their attorneys, will schedule a date to sign the documents. At this time, the funds are wired and the title/deed is handed over to the new owners.
Call us on 0426667696 or email contact@ozbroker.com.au to get started on the home loan application process today.