Choosing The Right Lender for Your To Get Pre-Approved
According to CNN, “house hunting can be long, frustrating and exhausting” and for sure no one wants to gamble their effort without having a home loan lender that you can trust unless you have a sufficient money on your pocket. Reality is, finding a lender can be crucial like searching a perfect home for your family— it needs familiarity and DIY application can be really exhausting especially for the first timer; though their are mortgage advisers that can make your pre-approval easier— and can help you to compare rates from different lenders in one place. At Property Finance Online, we’ve built the mortgage tools for you to find the best loan according to your needs and budget.
Compare Home Loans From Different Lenders In A Few Minutes!
The compare home loan tool is designed to find over 30+ partnered lenders who can help and understand your situation, and since every home loan application is unique, we make sure the system provides tailored result that will able to help you choose the right lender – the right loan that fits you.
How Long Does Pre Approval Take For Your Home Loan?
So how long does pre approval take? That’s the usual question we heard from home loan owners. Well, it’s not fast and slow as you think and it depends on the market situation and of course your personal status. Eg. getting a prequalification letter takes one to three days. To get a general idea, we have prepared detailed steps below to know the average time takes to get your loan approved and ready to settle on your new property.
- Property Finance Online orders a valuation if required and prepare your application for your signature.
- We receive all the supporting documentation and the signed application form at an appointment or by email. We will submit your application within 24 hours.
- We will forward the application to the lender for assessment– the lender assesses credit and employment history, make enquiries if needed. We will email you to let you know once the application has been submitted. It generally takes 4 days for the initial assessment.
- Pre-approval or conditional approval– the lender assesses application & provides conditional approval or pre-approval if you are still looking for a property to purchase. We will email you a progress report.
- If mortgage insurance is required, the lender seeks formal signed off by the mortgage insurer.
- Formal approval – Congratulations! The lender completes assessment and issues formal approval if the valuation is the same as the purchase price. We will email you a progress report.
- Documents are prepared and we will contact you when they are ready. We will contact you to let you know.
- Read through the documents carefully, sign the documents & make sure you have them witnessed where required, send the signed loan and mortgage documents straight back to the lender in the stamped self-addressed envelope provided. If you need assistance, we can help you in person or over the phone.
- Organise the home insurance as per instructions on your documents. Insurance must be in place for settlement to occur.
- The settlement is booked, and the property settles on the date arranged. We will keep you updated. Congratulations!