How to Get a Housing Loan

Your Guide from Pre-Qualified to Final Approval

Created: March 11, 2024 by Steven P

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Intro

Acquiring a home in the Philippines often necessitates the assistance of a lender through a housing loan.

Understanding the intricacies of the housing loan approval process is crucial, as it's not a single moment of approval but a series of verifications that escalate as you approach homeownership.

The journey to approval varies among lenders, emphasising the importance of selecting the right one for your needs.

Generally, swift and robust approvals enhance your chances of securing your dream home and provide assurance throughout the process.

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What is Pre-Qualification?

Pre-qualification offers an estimated loan assessment based on various factors like income, assets, and credit history.

This process guides the borrower to the correct lenders for their unique situation, disregarding those that are not suitable for how to get a housing loan.

At Nook, our pre-qualification process is streamlined and entirely digital, taking just three minutes. It provides clarity on which lenders are the best choice for the borrower and eliminates those banks the borrower does not meet the eligibility criteria of.

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Timing and Process

It's advisable to get pre-qualified before starting your home hunting journey on your way to work out - how to get a housing loan.

This will give you the confidence that you will actually be able to finance any property you choose to buy.

To obtain pre-qualification, borrowers furnish details on their income and debt. Nook's pre-qualification relies on stated income, ensuring a seamless experience without impacting credit scores. It’s an easy, online process that takes less than 3-minutes.