At Oriental, we understand that the mortgage process can be overwhelming, but we’re here to guide you every step of the way. That’s why we explain the five main stages of a mortgage loan so you’ll be more than ready to begin the purchase or refinance of your property.
- Orientation: If you are interested in starting the process of purchasing or refinancing a property, you should contact your bank so that a bank representative can explain the process and the different mortgage products that fit your financial situation.
- Evaluation: Once you have received the initial orientation, you will move on to the preliminary evaluation stage. Your mortgage representative will ask you for personal and financial information to evaluate your chances of obtaining a mortgage loan. This may include information such as your income, credit history and existing debts. With this information, you will have a clearer idea of whether you qualify for a mortgage loan.
- Application: After the appraisal, you must complete the formal loan application. This involves collecting and submitting all the documents and information required by the bank, such as your credit history, bank statements, proof of income and other relevant financial documents. Be sure to provide all necessary information completely and accurately to avoid delays in the process.
- Application Review: Once you have submitted the required information, your case will be submitted to the Credit Committee who will review your application and make a final determination as to whether or not your case is approved. You may be asked to provide additional information or documentation during this process in order to make an informed decision. Maintain open communication with your mortgage representative and be sure to comply with any additional requests. Keep in mind, the Bank will request information from third parties to complete the process, for example: appraisal, title stage, among others.
- Approval and closing: Congratulations! If your application is approved, you will reach the final stage of the process: loan approval and closing. This involves receiving formal loan approval, going to the bank to complete the final documents and close the mortgage. Here you will sign contracts and make down payments and other costs associated with the loan.
The process of obtaining a mortgage loan consists of several stages, from the initial orientation to the closing of the loan. It’s important to work closely 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 guide you through the entire mortgage loan process.
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