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Understanding the Loan Process

The process of obtaining a loan can be overwhelming, confusing and stressful, especially if you are a first-time borrower. The good news is that a mortgage broker can make the process easier for you. One of the best mortgage brokers in Melbourne is Steve Keramidas from Mortgage Compare Plus, who can provide you with help, guidance, and advice throughout the loan process.


Understanding the Loan Process

The loan process can be broken down into seven basic steps:


Step 1: Pre-Approval

Before you begin looking for a home, it’s a good idea to get pre-approved for a loan. This will give you an idea of how much money you can borrow and help you narrow down your search. Steve Keramidas can help you with this step and get you pre-approved with one of the 40+ lenders, including the big banks.


Step 2: Property Search

Once you have been pre-approved, it’s time to start looking for a property that meets your needs and budget. This can be a time-consuming process, but it’s important to take your time and find a property that you love.


Step 3: Loan Application

After you have found a property, you will need to apply for a loan. Steve Keramidas can help you with this step and make sure that your application is complete and accurate. He will also help you choose the right lender and loan product that suits your needs. He discusses your loan options, understand your financial goals and objectives, loan structure and make recommendations from the Product Comparison report provided.


Step 4: Property Valuation

Once your loan application has been submitted, the lender will order a valuation of the property. This is to ensure that the property is worth the amount you are borrowing. If the valuation comes back lower than expected, it could affect your loan approval.


Step 5: Formal Approval

If everything checks out, your loan will be approved, and you will receive a formal approval letter and orders Loan Offer documents. This letter will outline the terms and conditions of your loan, including the interest rate, fees, and repayment schedule.


Step 6: Loan Offer issued

The lender or their legal representative, will now prepare the Loan Offer documents. Once Loan Offer documents are issued you meet with Steve for signing of bank loan contracts and documentation. Signed documentation sent back to lender to be executed, certified and prepare for settlement.


Step 7: Settlement

The final step is settlement, where the loan funds are released. If you are purchasing a property, your solicitor/conveyancer will book settlement directly with the lender, according to the date on the contract of sale.

If you are refinancing your existing home loan, the lenders will liaise directly between each other to book settlement.

Steve Keramidas will be there to guide you through the settlement process and ensure that everything goes smoothly. Working with a mortgage broker like Steve Keramidas can make the loan process easy, stress-free, and less overwhelming. He will help you navigate the complexities of the loan process and provide you with the guidance and support you need to make informed decisions.


In conclusion, the loan process can be complex and overwhelming, but with the help of a mortgage broker like Steve Keramidas, you can navigate the process with ease. He can provide you with help, guidance, and advice throughout the process. So, if you’re in the market for a home loan, be sure to contact Steve Keramidas from Mortgage Compare Plus.


 

Disclaimer: This article provides general information only and may not reflect the publisher’s opinion. None of the authors, the publisher or their employees are liable for any inaccuracies, errors or omissions in the publication or any change to information in the publication. This publication or any part of it may be reproduced only with the publisher’s prior permission. It was prepared without taking into account your objectives, financial situation or needs. Please consult your financial adviser, broker or accountant before acting on information in this publication.

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