mageshkannan
Joined: 06 Mar 2013
Posts: 36
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 Posted: Mon Mar 11, 2013 11:56 am Post subject: How to apply for a home loan? |
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The first step would be to identify a bank or a finance company that disburses such loans. One should do some research and look for a lender that offers a low rate of interest when compared to the others.
Once this is done, he or she needs to fill an application form. Though these may differ from one bank to the other, the information that is to be given remains the same. The individual needs to attach copies of age proof, income proof, address proof, etc.
When the application reaches the lender, there is a meeting which is scheduled with one of their representatives and the applicant. In this, every aspect is discussed in detail. The documents of the property one wishes to buy should also be taken to the meeting.
The next step would be taken by the finance company by sending their representative to visit the applicant at his or her place of work or stay. This is a way to confirm that all the information given to the company is genuine.
The bank then examines the documents submitted by the applicant and takes a decision as to whether or not he or she can repay the loan amount. This depends on a lot of factors such as age, income, credit score, etc.
Once the loan is approved, the finance company then sends an offer letter to the applicant. This consists of information such as the principle amount, rate of interest, loan period, etc. The offer letter should be studied carefully by the applicant. Any fine print should also be given importance as it may contain excess charges, etc.
If there is any scope of negotiation, this is the stage to carry out the same. When both the parties reach a consensus, the process goes to the next step.
The applicant will then have to submit all the legal documents related to the property in question to the company. These papers remain with them until the loan is repaid in full.
The bank then visits the property that is being bought and checks the value of the same as mentioned in the documents. Once it is convinced that the valuation is correct, the final agreement is signed by the bank and the applicant.
The applicant will have to submit a few post dated cheques and the amount is disbursed. Depending on the property, it is either made in full or in parts.
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gagelennon
Joined: 23 Apr 2013
Posts: 11
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| Posted: Tue Apr 23, 2013 9:46 am Post subject: |
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To make your home-buying process go more smoothly, get preapproved for a mortgage before you even start looking for a home. When getting preapproved, a mortgage lender reviews your finances and credit history and then gives you a preapproval letter.
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