48 Hour Turn Around Time - How the mortgage process works
Sometimes the whole house buying process receives pretty bad press about the time it takes for everything to go through.
When applying for a home loan, for example, people can find themselves waiting around for weeks just to get approval and be able to move on with their purchase or refinancing of a property.
But, the good news is that often this doesn’t have to be the case. And time wasted is something that a good mortgage broker will always look to avoid.
Here’s a guide to how the mortgage process works for people who choose Paul Hixon to find them the perfect home loan package.
How we do things
So, you’ve found a property you like, or perhaps you’ve decided to find out how much you will be able to borrow before you start looking.
At this point, it’s always a good idea to source a mortgage broker who will be committed to finding the best deal around to suit your needs. And finding someone with plenty of experience and a passion for property is a bonus too.
Firstly, you’ll have an appointment with your mortgage broker to go through the options available to you. When you meet with Paul, he will take the time to understand your finances, aspirations and lifestyle. He will then calculate the amount you should be able to borrow, while telling you what your repayments might look like.
Then begins the process of preparing the application, receiving conditional approval from the lender and, after a valuation and credit check has been organised, receiving full approval of the loan. Sometimes this process in itself can take weeks, depending on the person dealing with the application, but Paul takes pride in turning this part around within 48 hours, to enable you to get the ball well and truly rolling.
He will also guide you fully through the mortgage application process to ensure you’re completely on board the whole way.
Then, when the loan documents arrive, Paul will run through them with you to ensure your full understanding of what’s entailed and help you complete the forms if needed.
Your solicitor or conveyancer should then arrange loan settlement, according to the date agreed on the contract of sale.
Throughout the loan application process (and even after the sale or refinance has gone through), any good mortgage broker will keep in touch with you, to ensure the package you went for was the right one for your needs. And they will check that it has continued to enable you to live comfortably into the future. It’s that kind of extra mile that makes a good mortgage broker great.
Paul Hixon is a mortgage adviser who works for Loan Market and is based in the beautiful New Farm. He takes pride in offering clients a personalised and bespoke service which will guarantee the best results for their mortgage needs.
To find out more, get in touch with Paul today.