At Oriental, we understand that the mortgage process can be overwhelming, but we’re here to guide you every step of the way. For this reason, we explain the five main steps of a mortgage loan so that you are more than ready to start buying or refinancing your property.
- Orientation: If you are interested in starting the process of buying or refinancing a property, you should contact your bank to have a banker explain the process and the different mortgage products that may fit your financial situation.
- Assessment: Once you have received initial guidance, you will begin the preliminary assessment stage. Your mortgage manager will ask for personal and financial information to evaluate your chances of obtaining a mortgage loan. This may include data such as your income, credit history, and existing debts. This information gives you a clearer idea of whether you qualify for a mortgage loan.
- Application: After the evaluation, you must complete the formal loan application, which involves collecting and submitting all documents and information required by the bank, such as your credit history, bank statements, proof of income, and other relevant financial documents. Make sure you provide all the necessary information completely and accurately to avoid delays in the process.
- Analysis of the application: Once you have submitted the required information, your case will go to the Credit Committee to analyze your application and determine whether your case is approved. During this process, you may be asked for additional information or documentation to make an informed decision. Keep an open communication with your mortgage representative and comply with any additional requests. Take into consideration, that the Bank may request additional documents to third parties to complete the decision process, such as: appraisal, title studies, among others.
- Approval and closing: Congratulations! If your application is approved, you have reached the final step of the process: the approval and closing of the loan. This includes receiving formal approval of the loan and you have to visit the banking institution to complete the final documents and closing the mortgage. Here you will sign the contracts and cover the down payment, and other costs associated with the loan.
The process of obtaining a mortgage loan consists of several steps, from initial orientation to loan closing. It’s essential to work hand in hand with a trusted mortgage representative to guide you every step of the way and help you understand the options available to you. At Oriental, we are more than ready to advise you throughout the process of obtaining a mortgage loan.
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