Mortgage Process
A Mortgage Broker play a critical role throughout the lengthy property purchase process.
Mortgage Process
A Mortgage Broker play a critical role throughout the lengthy property purchase process. If you deal with Tapro, a team of people with passion, experience & integrity will guide you in the right direction relieving the stress thus making your life comfortable.
Purchasing a property is a lengthy process, if you try to do all by yourself. However, you may shorten that process by passing most of your burden to another, who is professionally capable of playing such a role, a Mortgage Broker. It will help you to avoid visiting several Lenders, looking for the best deal and attending to documentation and follow-up thereafter. We are industry accredited and a member of an independent dispute resolution body. Selection of the Broker is important, because you rely upon such a person to take you through with probably the biggest investment in your life.
Unlike walking to a Bank during the working hours for a short time slot, you can arrange an appointment at a mutually convenient time with us. May be after hours or during a weekend. Our appointments are long enough to discuss many things in your mind. You need not necessarily meet us physically, but meetings can be arranged through video conferencing platforms such as Zoom, Skype or MS Teams as well. We will require some basic documents before the meeting to ensure that we will have a more focussed & tailormade discussion.
We will understand your financial situation, goals & objectives and take you through a process educating you the basics involved. We will provide you the answers to the compelling questions. Based on findings, we will provide our Statement of Credit Assistance – a document with a shortlist of Lenders & products, our recommendation, and many other valuable information.
On receipt of your feedback to our recommendations, other required documents & information we will prepare the loan application and other relevant documents. There is no need to spend your time interpreting terms and clarifying points in the Application. You only need to sign after verifying accuracy of information. We would be always available to clarify anything if you need.
The application pass through several processes before it is approved. We will always keep you in the loop informing the developments where necessary. Lender may be able to provide formal approval if the proposal is in accordance with the lending principles and subject to Borrower passing the necessary checks and balances. This is where the expertise of your Broker is critically important.
Pre-approval is a confirmation that the Lender has principally agreed to lend, subject to conditions enumerated therein. These conditions are generally related to the acceptability and the value of the property and any changes to your financial circumstances. Obtaining a pre-approval is vital as it gives you the confidence that you can finance provided you meet the conditions. However, when you make an offer to purchase, you need to be aware of the timelines which you should agree and what conditions you want in the contract to safeguard your position. We will be there to guide you through to include necessary clauses for smooth process of financing and settlement thereafter.
Once you provide a copy of the Contract to us we will take the necessary steps to seek unconditional approval for the loan. We will be in touch with you to find the required amendments to pre-approval if necessary.
The Valuer will forward the valuation to the Lender directly or through the Broker. The process will take a minimum of 3 days, sometimes longer. If loan application meet all the conditions of the pre-approval, the Assessor may be able to approve the loan directly. Sometimes, the approval is also required by the Mortgage Insurer and/or a higher-ranking Officer of the Lender. After the approval is provided, the application moves to a different area of the Lender for a quality check. Formal approval is issued only thereafter.
Once the loan approval is provided, the Lender arrange to issue the loan documents. While some Lenders continue to post the documents to Broker/Customer, others email documents directly to the customers for electronic signature. We at Tapro,make it a point to communicate with you to ensure that we go through the main details of the documents such as loan amount, interest etc before you sign the documents.
Although it is your solicitor & Vendor's solicitor liaise with each other to fix the date & time and other matters relating to settlement while Conveyancer will act as an intermediary in providing necessary legal documents, we will be there with you to assist with our long years of experience to make you understand what happens next.
We at Tapro always be behind you to ensure every step of this process until the settlement happens smoothly. Our service will not stop at that. We will be in touch with you and guide you to make sure all financials transactions been recorded correctly and beyond to assist you to get the benefits of the market throughout the life of the loan.