Brief Information on the Duration Taken for Approval of Home Loan
When applying for home loan, you should be rest assured to breakdown the process into four major stages. Let us delve on them in brief.
- Application for home loan
You would be required to send all your information to Sun West Mortgage through online application process. The lender would assist you in choosing from the different types of loans. In case, you have any questions, you would receive thorough answers from the lender.
- Pre-approval of loan
A majority of mortgage lenders would refer to this stage as conditional approval stage. During the stage, the lender would work on you to find the right mortgage deal suitable to your specific needs. Prior to the lender submitting your home loan application, they would require you to sign an application form. You would also be required to send supporting documents.
After they receive your essential documents, they would require providing you with an answer within 48 hours. Usually, the process would take approximately ten business days, based on the lender. They would respond in affirmative to begin with the next process. You could start shopping for desired home after pre-approval of the loan. However, in event of your loan not being pre-approved, you could look for a different lender or could wait until the conditions differ.
- Acquiring formal approval
When you have located a property, you could apply for formal approval with sun west mortgage. During this stage, the lender would send out a representative for evaluation of the property. The valuer would confirm about the property being ok to go forth to the next stage. In event of the property being habitable and worth the value offered by the lender, you would acquire formal approval. You would be given mortgage documents and contract to sign.
After receiving the formal approval, you could sign the contract. You would be required to negotiate on the settlement date during the process.
It would be pertinent to mention here that the duration taken for loan to be approved would be based on you and the conveyancer. The conveyancer of the seller would be selling the document and you would be required to arrange a meeting accordingly.