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Ph: 1800 10 88 11 info@calibrefinance.com.au |
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The Lending Process Five steps to buying your home Once a decision has been made to take out a mortgage, most borrowers will undergo a very similar loan process. The time frame for loan approvals can range from a few days to a couple of weeks, depending on your particular loan. As a general rule of thumb, the more complex the loan the longer the application process. Step 1 Documents, completed applications and all other necessary information are received by your Mortgage broker. Following this, your mortgage broker prepares your home loan application and presents it to the lender. At this stage, they should notify you that your application has been submitted for approval. Step 2 The lender evaluates your application by undertaking credit checks and ensuring that the information submitted is authentic. Once these checks have met the lender’s specific lending guidelines, conditional approvals will be issued by the lender via your broker. If the lender requires more documents or information, your broker should discuss this with you. Your broker will be contacted if there are any queries regarding your application, and they will attend to these concerns with you. Step 3 A formal valuation of your property will be undertaken on behalf of the lender. An inspection report will be submitted by a valuer and sent directly back to the Lender. The valuation report is then reviewed by the Lender. If it meets the Lender’s guidelines, an issuance for an ‘unconditional’ approval will begin. If there are concerns with the report, your Lender will discuss this with your broker, who will then address the issue with you. Step 4 The Lender will now issue an unconditional approval for your loan and also start preparing your loan documents. If a Lender’s mortgage insurance (LMI) is required for your loan, approval will be sought through the LMI provider. When this approval is granted by the LMI provider, an unconditional approval will be granted and the loan documents will be prepared. Step 5 The loan documents will be sent to you from your Lender and your broker will then assist you in executing these documents. These signed forms will be sent back to the Lender. Once the Lender has received these documents, they will check that these forms have been signed correctly. Once all verifications have been done, the lender will then start the settlement process.
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