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Your Home Loan is Approved - What Happens Next?

Your Home Loan is Approved - What Happens Next?

Nook Admin – November 10, 2021

Transcript of the video

So imagine, you have applied for a home loan and the bank has now approved your loan. That’s great news! All the application work is done now right? No, not quite.

In this video we will discuss the often overlooked part of the home loan process - the post approval stage.

Hey Guys, 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.

Now many people believe that once the home loan is approved they’re all set with their property purchase.

In this video I'm joined by Yssa from the Nook team to help explain that this is not quite the case with home loans and there’s still a lot of work to be done after getting your approval.

Cy

Hi Yssa!

Yssa

Hi Cy. Thanks for having me.

Cy

So Yssa, a lot of people think that they just fill out a few forms, wait for the bank to approved the home loan, and they’re all set. But that’s not actually the case is it?

Yssa

That’s right Cy, it’s not that straightforward. There is a lot of work that goes into getting the approval in the first place. But then there’s also a lot of requirements and things to be done after the approval is granted.

The amount of work to be done post approval will depend on a number of factors such as the type of home loan, the chosen bank, whether it is a ready for occupancy property from a developer, or a resale property from an individual. And more.

Cy

Right, so it’s not just a case of hearing the good news about the home loan approval and that’s the end of it.

Yssa

[Slightly amused] No not at all. There’s still more documentation and a lot more liaising with the bank to get the loan paid out and settled.

Cy

So if I was going the home loan myself, I would need to do a lot more work to get the loan paid out and settled?

Yssa

Yes, even with some assistance from other third parties, it would still be very time consuming for the borrower to handle the post approval process.

But with Nook, we do all the post approval steps to ensure the loan is paid out as fast as possible. Our team handle all bank correspondence and and guide the borrower every step of the way.

And there is constant text and email alerts to the borrower from Nook so they are never left wondering what is happening with their home loan.

Cy

Great, that sounds good. Thanks for joining us today Yssa.

Yssa

No problem, any time.

Closing

So that's it. That’s an insight into the post approval stage of the home loan process.

Now, if you are looking for more home loan help, follow or Like us on Facebook, Instagram, YouTube and Twitter. Or visit 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.