how to apply for a mortgage loan?
TRANSCRIPT
How to Apply for a Mortgage Loan?
Applying Mortgage Loan
• Getting a mortgage loan is one of the hectic tasks which anyone faces in his lifetime
• You may be a first time home buyer or moving home and these simple guidelines will ensure that your mortgage application is carried out in a smoother way.
Mortgage Broker
When considering a mortgage, there is lot more factors that you need to know such as the types of mortgages, the interest rates, discounts, tracker and lot more for which you need a professional advice from a mortgage broker who helps you in the process.
Hire a mortgage broker
Mortgage broker analyses the complete details of your current status that includes your income, credit history, age, any signs of risk and your expectations.
Based on it, he lets you know the right mortgage product that is best suits your needs.
Mortgage Promise
When you have picked up the right mortgage deal, then it is well worth to go for an initial agreement with the lender, so called mortgage promise
Initial agreement with the mortgage
You can contact your mortgage broker to arrange for the initial agreement with the lender for which you get an immediate response from the lender
Upon the initial agreement, you get a confirmation certificate which you may show to the potential sellers to assure them about your mortgage finance that helps you in getting the property.
Mortgage Application
Once your mortgage is agreed in principle then you can submit the full application along with the complete details of your present scenario and the required mortgage loan to the lender
Go with the mortgage application
Providing precise and accurate information can help to speed up the process and avoid time delays with the application.
In this case, you need the assistance of a mortgage broker who helps you to get the best deal possible which may not be obtained directly.
Property Valuation
Once the lender agrees upon the mortgage application, he then goes with the inspection of property by instructing a valuer
Mortgage Valuation
Most often, the valuation cost is borne by the borrower of the loan unless the mortgage includes free valuation fee as an incentive.
Lenders go for mortgage valuation to ensure the value of the property to provide based on which they provide the lending.
You may even ask your mortgage broker to review the homebuyer’s report if you have any to minimize the risk associated with the property.
Solicitor
You may require a solicitor to review the contracts and progress the transaction between the lender and the seller of the property.
Mortgage Broker
CBM Mortgages
457 Visa Mortgages
Need of Mortgage Broker
In all these cases, get the guidance of a mortgage broker who helps you to save your time, money and even your other resources in order to obtain the best home loan at the right time. A mortgage broker can also arrange for a solicitor to speed up the process of transactions between the lender and the seller with the mortgage.
