At Settlers we want you to enjoy the experience of achieving your dream, or reaching your goal.
You're free to contact us and we will keep you posted every step of the way.
WHAT HAPPENS DURING THE LOAN PROCESS
What do I do now?
Listed below is an outline of what happens during the loan process. The situation will vary depending on the type of finance involved and the complexities of the application, so use this information as a guide only.
STEP 1: THE APPLICATION
If you choose to contact us via Ask Us More from the website, we can take an application over the telephone and most times give you an indicative approval on the spot.
Alternately please feel free to make a time to discuss your financial situation by contacting our office.
Once the application has been completed and approval is imminent, you will be asked to pay your establishment fees and your valuation fees.
A valuation will be ordered on the property to be held as security. The valuer has to arrange a mutually beneficial time with the current owner of the security property, inspect the property, research his findings and compile a report. Sometimes the longest part of the valuation is just getting access to the property!
Formal approval cannot be given until the valuation figures are satisfactory to the lender.
STEP 2: LOAN IS APPROVED
Once we have received formal loan approval, we will contact you to let you know everything is proceeding and, if required, contact your legal representatives so they can get their paperwork commenced.
Mortgage documents will be prepared and you will be asked to pay your deposit if it is a home purchase. (In the case of a home purchase, contracts would normally be exchanged around this time after your legal representative has received all the associated reports they require.)
STEP 3: SIGNING DOCUMENTS
We will contact you when the mortgage documents have been received from the lender, to arrange for their collection.
It is recommended that these documents be discussed and then signed in front of your legal representatives.
Once they are all signed the documents will then be forward to the lenders solicitor pending settlement.
STEP 4: SETTLEMENT
When all the documents are in order, and in the case of property purchase, all the associated documents are held, settlement will be arranged.
The lender will send you a confirmation letter after settlement, confirming your loan details, repayment amounts and repayment dates.
If after settlement you need any information or are unsure of what is required, please do not hesitate to contact us.
