Mortgage application process?

Question

hi all if someone has applied fir a mortgage and it has been agreed in principal and they have passes initial credit check what's next? They have also provided all bank statements and required Info. If broker says it looks affordable is. There a good chance a person will get it? What's the reason for sending info off to lender. Eg pay slips

Answer 1

Here's a rundown of the mortgage application progress from a home loan website: http://www.quickdirect.com.au/Content/De...

Hope this helps!

Answer 2

Well, First you apply for a mortgage, you get pre-qualified to make sure you have all the items need to afford the home. Usually a loan officer or mortgage broker does this. This is like an intinal review.

The bank/lender who is loaning the money pays underwriters to review the total complete loan before they will allow the loan to go through. Once it all looks good then they will issue you a loan.

If we didn't have underwriters making sure borrowers info is good and not fake then a lot more people would be defaulting on there loans.