The House Buying and Mortgage Application Process

The House Buying and Mortgage Application Process

Product Rating (opens new win)

4.9 out of 5

Total

4.9
4.9 out of 5
  • Opening Intro -

    If you are looking to buy a home you will likely need to know all about the home buying and mortgage application process.

-------------------------------------

Getting to know the process inside out will help ensure there are a few issues as possible along the way, which will reduce the chances of stressful delays.

Find Out How Much You Can Borrow

One of the first things you should do is contact your bank or mortgage broker to find out how much money you can borrow. Add this amount to the savings you intend to use to buy your home, and you will know the maximum amount that you can spend. Be sure to factor in fees and charges, stamp duty, and any other amounts you will have to pay other than the price of the property you will buy. Once you have figured out how much you can spend on your home, you can search for a property.

Get Pre-Approval

You might want to get pre-approved for a mortgage before you put an offer on the property you like. To do this, your mortgage broker will need documents that verify your income, identity etc.

You will have to complete a home loan application form and it will be sent to the lender for approval. If approved, you can be confident that you will be able to obtain the finance you need on the property you like, subject to valuation.

The pre-approval status will only last for a few months. If it expires you may need to seek pre-approval again if you are still looking for a property to buy.

Get the Property Valued

Once you have had an offer on a property accepted, you will need to get it valued by a professional surveyor. This is done to ensure the lender that they aren’t lending more money to you than the property is actually worth.

If you are overpaying on the property – in the surveyor’s opinion – the lender might not approve the mortgage. If the surveyor believes you are paying a fair price, you should receive full approval for the mortgage from your lender.

Full Approval

If your survey comes back positive, and all costs have been met, you should receive full approval from your lender. After this, you will receive a letter of offer. Be sure to check the letter thoroughly to make sure all details are accurate. Remember – your mortgage may well be the biggest finance product you ever have so any mistakes can be costly.

Settlement

After all of the above steps have occurred, the mortgage can be settled. Your solicitor will receive the funds from the lender and will pass them on to the seller’s solicitor. The funds will be added to any deposit money you have contributed in order to pay the seller the price you previously agreed to pay for the property.

other valuable readings:

Time to Move In

Once all the legal work has been finalized and ownership of the property has been transferred to you, it will be time to move in and enjoy your new home. As you can see, the home buying and mortgage application process is long and arduous, so be sure to settle into your home for as long as possible before moving again

Having a home is a dream to many and with the mortgage, you can make it true. There are many friends in social media who don’t know how to go with the house buying and mortgage application process. By you sharing this article you will make someone dream come true. Share today in any of your social platforms.

Image Credit: Pixabay

end of post … please share it!

Consumer Tips reference:

GUIDE: financing guides
Amazon Bestsellers: Counter Kitchen Appliances

SaleBestseller No. 1
Multiuse Kitchen Caddy Sliding Coffee Maker Tray Mat,Countertop Storage for Blender Toaster Kitchen Appliances-12' Premium BPA Free Base Sliding Shelf with Smooth Rolling Wheels|2 Pack (Black, 2)
48 Reviews
Multiuse Kitchen Caddy Sliding Coffee Maker Tray Mat,Countertop Storage for Blender Toaster Kitchen Appliances-12" Premium BPA Free Base Sliding Shelf with Smooth Rolling Wheels|2 Pack (Black, 2)
  • 【 Effortless Usage】: Our sliding tray will ease up your burdens by holding out all types of kitchen appliances from light to heavy one up to 25...
  • 【 Versatile Sliding Tray】: Our caddy sliding shelf is perfect for coffee makers, blenders, food processors, toasters,kitchenAid mixer and other...
  • 【 Premium ABS Material】: Made of durable and toxic-free ABS material, our coffee mat is super sturdy. The material is BPA free, making it...
Bestseller No. 2
Under the Cabinet Rolling Small Countertop Appliance Tray for Rolling Keurig Coffee Makers, Blenders, Drip Coffee Makers, Mixers, and Toasters
189 Reviews
Under the Cabinet Rolling Small Countertop Appliance Tray for Rolling Keurig Coffee Makers, Blenders, Drip Coffee Makers, Mixers, and Toasters
  • PERFECT FOR ALL SMALL COUNTERTOP APPLIANCES - Easily roll any of your small countertop appliances such as blenders, toasters, mixers, Keurig coffee...
  • SPACE SAVING - Great way to store any small appliance on your countertop for easy access when using.
  • UNIT DIMENSIONS - 13.4"D x 10.5"W Surface Dimensions: 12.2"D x 9.5"W
Bestseller No. 3
Insulated Non Skid Kitchen Counter Protection Mat / Liners - Choose Size (17" x 14")
  • Non slip insulated counter mat protects countertop and table from hot dishes, and is perfect as a heat-resistant liner underneath your toaster oven,...
  • Steel silvery patterned top wipes clean
  • Insulated nonskid back protects surfaces from damaging heat
SaleBestseller No. 4
Silicone Stove Counter Gap Cover Kitchen Counter Gap Filler by Kindga 25'' Long Gap Filler Sealing Spills Between Kitchen Appliances Washing Machine and Stovetop, Set of 2(White) ...
  • EASY INSTALLATION: T-shape makes the kitchen gap cover easier to installation and removal for cleaning. The new mold made of 100% food grade heat...
  • SUITABLE MEASUREMENT FOR YOUR KITCHEN: Size 25" x .5" x 2.25".Cover the gap between counter and stove top, appliances in your modern kitchen.
  • EASY TO CUT: Soft and flexible silicone, conforms to stove and counter surface perfectly, even they are uneven. And the stove gap covers can easily...
Bestseller No. 5
Streak Free Microfiber Cloth Clean Any Surface with Just Water Eco Friendly Environmentally Safe Large 16" Size Perfect For Window, Mirror, Kitchen Counter, Appliances, Car, Cycle, TV Screen
  • CLEANS WITH JUST WATER No harmful or toxic chemicals needed. Made with billions of tiny wedge-shaped little grabbers that scoop up and trap tiny dirt...
  • STREAK FREE & LINT FREE Traps moisture and dries to a perfectly streak free finish. Just dampen it ring it out completely and wipe the surface. After...
  • SAVE MONEY replace paper towels and expensive chemical cleaners. Keep one in the shower, one in the kitchen one in the garage and one in your car....

Last update on 2019-11-19 / Affiliate links / Images from Amazon Product Advertising API

-------------------------------------------------------------------------------------------------------------

end of post idea

-------------------------------------------------------------------------------------------------------------

Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.

facebook linkedin pinterest

Amazon Affiliate Disclosure: SayEducate.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. The commission earnings are used to defray our cost of operation.

View our FTC Disclosure for other affiliate information.

Categories: Consumer Financing

About Author