The typical time it takes for home loans to develop from the application to the approval stage is approximately two to three days. However, the real time frame is also affected by the real lender that gives the loan product, the intricacy of the application in relation to documentations and other requirements and the period required by the valuer to carry out the valuation process.
Simple as it may seem, securing a home loan goes through the process of first application (either in the office or internet), discussion with broker agents, applicant interview, application, conditional approval, property valuation, unconditional approval, document processing and finally the loan settlement.
Even if you haven’t started the loan application, you can begin to make use of mortgage calculators and tools provided in mortgage websites. It would enable you to have a plan of just how much you can really afford to borrow as well with regard to the information you put. There are mortgage calculators that calculate estimated repayments based on frequency of payment and interest rate.
You must remember that home loan rates are not stable. You must keep an eye on them on a regular basis as a way to correctly handle your loan. In Australia, Interest rates are set by Reserve Bank of Australia based on the country’s economic standing. This is needed to stabilize the economy.
When you go to sign your loan papers, bring your driver’s license or some form of picture identification. You will most likely also need to bring money to settle your transaction. Make sure to ask whether you will need a cashier’s check or any other special requirements to complete the transaction.
By John Hester