23 Feb 2018
What to Expect With the Home Loan Application Process
The thought of buying a new home can leave you feeling both exhilarated and stressed. Doing your research in advance, talking to family and friends who’ve been through the same process before, can help put your mind at ease.
Once you know what to expect, the whole process of applying for a home loan can be a relatively straightforward one.
Get in touch with a lender first
Contacting a lender won’t cost you a thing. Talking to one of our lending specialists, for example, also gives you an opportunity to discuss your financial objectives, ask questions and get a good idea of the loan options that might suit your circumstances and needs.
After this initial chat, they can help determine if you’re likely to be eligible for a loan.
Don’t skip this step – Pre-Approval
Pre-approval is when the lender agrees in principle to provide you with a home loan at an early stage in your home-buying process.
After you have filled out your application form, it will be thoroughly assessed, once you have submitted all the required documents to support your application, like proof of ID, pay-slips, bank statements, details of savings and other debts you may have.
After your documents have been reviewed, it allows us to give you a quick and accurate assessment. You will find out the exact amount you can borrow, and the repayment amounts you can expect. Knowing this upfront will help you narrow down your property search to your budget.
Finalising your application
One good thing about a pre-approval is that the documentation required is the same for a full home loan application. With the prep work done early you could fast-track the final application process once you find the property you like. A pre-approval is valid for 90 days, giving you time to decide on the property you wish to purchase. If you’ve already found the property you’re hoping to buy, your conveyancer can help you with the paperwork involved with the property settlement.
Conveyancing
A conveyancer is someone who will oversee the official process of transferring ownership of a property from the seller to the buyer. There’s a lot of complicated paperwork involved in purchasing a property including the contract of sale, mortgage documents and other paperwork related to the transaction. Your conveyancer will help review all your loan documents with you before finalising the settlement on your behalf.
Once your loan is settled
The moment you’ve been waiting for! You will receive an official welcome letter confirming all the details of your loan, including the amounts, loan account details and repayment dates. Once all funds are transferred according to your instructions, the settlement will be complete, making you the official homeowner.
What happens after settlement?
Your dedicated Lending Manager is available to help you along the way throughout the life of your loan. We understand that your needs may change and we will stay in touch to make sure your loan continues to meet your changing needs at different life stages. Whether you need to buy a bigger house to accommodate your growing family or are ready to buy an investment property, we can make sure your loan continues to suit your needs.
Mortgage House
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for information about the best options for you when it comes to your mortgage.