Smooth Application Process With
Select Loan & Mortgage
At Select Loan & Mortgage, our team of dedicated loan processing specialists, credit analysts, and brokers handles your application from submission to settlement of the property ownership.
Listed below are all the steps that go into the process.
1. Submission of Home Loan Application
Once our credit analyst has assessed your financial standing and you have chosen a lender out of the options suggested by our broker for your unique case, you prepare to submit your application. You hand over the necessary documents, including your government ID, payslips, income tax report, and so on, to our team. Then, our loan processing specialist fills out the application on your behalf and updates you on the status of your home loan application from start to end.
2. Preapproval of Home Loan
A lender gives you a preapproval on your home loan as an agreement to extend the loan once you send all the required missing documents and/or you finalize a property. Our seasoned loan processing specialists know which documents in a home loan application can be filed later in case you need more time to sort them. They also stay in constant contact with the lender and keep updating all the missing documents you provide.
3. Unconditional (Formal) Approval of Home Loan
Once you have selected a property and have fully submitted all the required documents for your loan application processing, your lender will perform a thorough evaluation to determine if they can formally approve your loan. This is the final confirmation of financing. The team at Select Loan & Mortgage handles all communications with your lender, ensuring every step—like property valuation and documentation—is managed efficiently, helping you avoid unnecessary delays.
4. Receiving of Loan Offer Documents
After receiving formal approval, you’ll get loan documents outlining the terms and conditions. These papers need careful review to ensure clarity about your financial responsibilities. During this step, we simplify the process by highlighting the essential terms and clarifying any complicated language. Our team ensures you feel fully comfortable before signing, answering all your questions along the way. We also work closely with your lender to speed up the delivery of these documents.
5. Settlement
Settlement is when the lender prepares for the transfer of property ownership to your name. A day before settlement, you are allowed to do a final inspection of the property before it becomes yours. On settlement day, your lender meets with your legal representative (either your solicitor or lawyer) and the seller’s legal representative to exchange documents for facilitating the legal transfer of the property ownership. On this day, you also pay the stamp duty to transfer the property in your name. After settlement day, your lender debits the loan amount they’ve paid at the settlement from your loan account. After completion of all of this process, you are handed over the keys to your new property by the seller’s agent.
