To handle a home loan application process is not so easy and without hiring mortgage broker you cannot complete this long procedure easily. Finance brokers works for you and the phases through which they go are discussed in the following lines. They remain up to dated while having knowledge and negotiations with the lenders. How can some mortgage brokers save your money?
First of all you conduct an interview with the broker. At this point he assesses your needs and accordingly he suggests you different types of loans. He also check for you credibility and ascertain that whether you would be able to pay the debts in the near future or not. After having the clear understanding of your needs and credibility, he will suggest you best possible loan in your home country.
In the first 2 days:
In the beginning your selected broker will submit your loan application along with other documents to the lender. The lender will check them properly and if applicable you have to submit First Home Owners Grant along with the application as well. When all the required documents are on the table of the lender then you will be informed about the submission of loan application within 24 to 48 hours.
The next two to three days:
Approval of loan application is not as easy as one can think. When all the documents are received by the lender then he will send a conditional approval receipt to your broker on your behalf. This receipt may include some outstanding matters which need consideration prior to final approval. Moreover the lender may ask for the valuation of the property before approving the application.get tips from:http://www.cnbc.com/2015/09/02/mortgage-applications-soar-113-on-brief-rate-dip.html
Three more days:
Valuation of property will take three more days right after the request. This all will be done on the request of the lender.
Following 2 days:
After receiving the valuation report the lender will approve the application for the loan within 2 days. This approval will be send to your finance broker. Now the broker will contact you and inform you that your loan application has been approved after the valuation.
More 5-10 days:
If your loan application gets the approval of the lender then he will dispatch you copy of mortgage documents within 5 days. After receiving the documents you are required to sign them. You can also inform your finance broker about the receiving of mortgage documents. He will better understand all the criteria and terms and conditions. After taking his advice you can sign the mortgage documents and send them back to the lender within next five days.
Final two to ten days:
When the lender receives back your mortgage documents he will take 2-3 days for final settlement. The all settlement process will be done with the help of your finance broker. To arrange the settlement the lender may take more 10 days to complete all the paper work.
This is the all process which the finance broker performs for you and you can enter into a fine mortgage deal without too much effort.