What Are the Stages of a Mortgage Application?
Potential borrowers who are researching the various elements of mortgage loan applications may want to learn more about the stages of mortgage applications. The mortgage application process may vary depending on the individual home loan lender and their requirements.
Before a potential borrower decides to apply for a mortgage loan, it is important that they research and compare the various loan types available to them to ensure they decide on the best option for their individual financial status.
When a borrower is preparing to apply for a mortgage loan, they will need to follow the following stages:
- Speaking with a mortgage broker to determine eligibility for a mortgage loan
- Discuss various financial aspects with their selected mortgage broker and agree to continue working with the selected broker
- Complete the mortgage brokers application form and submit the required documents, including a copy of the applicant’s driver’s license, bank statements, and pay slips
- The mortgage broker will then complete the initial assessment of the applicant and determine their borrowing power
- The mortgage broker will submit an application to the lender with the most suitable loan and direct the applicant to submit the required documents
Now, the applicant will be required to complete the stages of the home loan application, which are as follows:
- Conditional approval or pre-approval
- Obtain a property valuation
- A loan offer will be issued when the application has been approved
If you would like to learn more about the stages of the mortgage application process, reach out to the Mortgage House professional lending specialists for further assistance.