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If you just sit back and expect your home loan process to go off without any problems is a surefire way to create problems. Clued-up SA home buyers make it their resolve to find out about what the home loan process involves to help as a buffer when problems arise.
Step 1 – Documentation – To start the SA home loan process you must give your mortgage broker all the documents required, together with a signed application form. Make sure you have provided everything needed to steer clear of any confusion.
Step 2 – The SA Home Loan Application is Submitted – After looking at your documents, application and other information the mortgage broker will present your application to the home loans department. Your mortgage broker will verify that your application was received by the home loans department successfully.
Step 3 – Bank’s Lending Practice – Before scrutinizing the application, they will do a credit check on your information to evaluate if you are creditworthy.
Step 4 – Assessing the Application – The bank will carefully assess your SA home loan application. If everything meets their requirements a pre-approval will be issued.
Step 5 – Notice of Valuation – Your mortgage broker will advise you of the outcome of your application, either approved or declined. If there is a problem and the application declined your mortgage broker might need more information and will write a motivation to appeal the decision.
Step 6 – Inspection of the property – The SA Home Loans department will send out a valuator that will inspect the property and submit a report.
Step 7 – Valuation of Property – Once the valuator has inspected the property and submitted his report the bank will advise your mortgage broker that the valuation process is satisfactory or not and complete.
Step 8 – Finalizing the home loan – Once the above steps are complete they will issue a final approval, also known as a quotation, to your mortgage broker to check that all information is correct and he or she will then contact you to discuss the contents. You may need to sign that approval or quotation.
9th and Final step – The SA home loan approval process is complete – Once the home loan approval or quotation is accepted and signed off by yourself it’s off to the attorneys for final signature and transfer of the property into your name.
Well, I know that may a lot for you to take in so I am happy to spend some time with you and answer any questions you have about SA Home Loans and making sure your SA Home Loan is approved. You are welcome to contact my office at 086 110 6204 or send me a personal email at: info@gpfmortgage.co.za
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