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Your Guide to Getting a Home Loan

Your Guide to Getting a Home Loan

Nook Admin – November 17, 2021

Transcript of the video

Cy

Hi guys, welcome. I'm Cyrus from Nook, the Philippines mortgage broker. We will help you find the right home loan and get it approved by a major bank for absolutely no charge.

Choosing and applying for the right home loan for you can be a time consuming and confusing process. A lot of people have no idea where to begin the process.

In today's video we will explain the home loan process from start to finish in 6 simple steps to give you a clearer picture of what will happen.

So let’s get started….

Talk to a mortgage broker

The first step is to chat to a mortgage broker like Nook. A mortgage broker can match you to the right home loan from a major bank for your unique circumstances.

Most importantly, they will work out whether you meet a banks lending criteria and which specific banks you are a match to.

This is the most often overlooked step in the process and results in people applying to the wrong banks for them and assuming they won’t get a home loan.

Get help with the application

The next step is getting some helping with the housing loan application process. This can be a time consuming and confusing step.

A mortgage broker like Nook can take that stress away as they will work with you to prepare your application and present it to the bank.

They will guide you through the process as they are experts and do nothing but home loan applications every single day.

Some of the requirements that a mortgage broker will ask for include: ID’s of the borrower and any coborrower. Payslips. Banks statements.

But these requirements will depend on your specific circumstances so a mortgage broker will ask you for what they need which you can provide to them online without ever needing to travel anywhere.

These requirements are necessary for the bank to work out how much risk is involved with the loan and whether the bank will approve it.

A mortgage broker like Nook would have already done a preliminary check on your eligibility in step one.

Bank will assess application

Next, the bank will review the application and determine if it meets their lending criteria.

The time it takes for a bank to approve a loan will depend on a number of factors such as the bank that has been chosen and your unique circumstances.

A major impact on approval time is the responsiveness of the HR department of your employer.

A bank will need to verify your employment status directly with your employer.

If your HR team are not responsive to the banks communication, your application will be delayed.

So always give your HR manager a heads up.

If you are buying the property from a property developer that is not accredited with one or more banks or it’s a resale property, then a property appraisal will need to be done.

This is a site visit by a property appraiser to ensure the value of the property is more than the amount you are wanting to borrower.

It should be noted that a banks valuation will always be conservative to protect the banks own risk exposure.

Bank will approve application

Once the bank is satisfied with the property, the loan application, and their credit and verification investigations, the bank will issue a Notice of Approval.

This is a form of offer that the bank will extend to you and their terms of the proposed loan.

Note that depending on the valuation, the loan offer could be for a lower amount. It this is up to the banks discretion.

Post approval requirements and documentation signing

Once the loan is accepted, its then onto the post approval process.

There will be some final documentation requirements that your Nook home loan consultant will work on to finish up the process.

Many people mistakenly think that the process is done once the loan application is submitted and approved by the bank.

It’s not that simple and there is a lot of work to be done. That’s why getting the assistance of a mortgage broker like Nook is so helpful.

It’s also great that this help is free.

It’s also during this stage that you will sign the loan documentation to complete the process. The bank will prepare all documents for you and any co-borrowers to sign.

This will typically be done at your closest branch. But some banks are now starting to modernise and do this step electronically.

Loan paid out

Last but not least, the loan will be paid out by the bank and the process is now complete.

Closing

So that's it. That's the 6 steps involved with getting a housing loan in the Philippines.

Now, if you are looking for more home loan help, follow or Like us on facebook, instagram, YouTube or twitter.

Or if you’re looking to get started on your home loan journey, reach out to nook by visiting us at nook.com.ph

And if you got value from this video today, please share it with just one person you know. We would appreciate that.

See you next time.