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How To Get Fully Approved Loan

How To Get Fully Approved LoanA loan is required if you wish to buy a home or else owning a home may just be a dream. With this follows the next question how to get a fully approved loan and how long will this procedure of approval take.

Here are a few factors that determine how long it will take:

  • The mortgage type you applied for and the property for that you seek finance
  • The timeline standard that a lender uses in mortgage application processing
  • The documentation and application you handed to the lender

With all these, the timeline may be from few hours to few days, especially if your documentation and mortgage application is in order.

It is best to avail a pre-approval mortgage before initiating the house hunting process. This means all the speed breaks and hiccups are handled in advance.

Getting Pre-approved

Pre-approval refers to calculations that ratio between the earned amount and the debt you will get on the property mortgage. Once a lender is aware that you are able to manage easily the debt with your earnings, they will give you a pre-approval letter guaranteeing 60 to 120 days interest rate. Yet, you should submit with the application:

  • Photo identification
  • Proof of Income
  • Proof of Assets
  • Proof of Liabilities
  • Account Numbers
  • Proof of Down Payment
  • Lawyer Information

Conversely, if you identified a perfect home in your imaginable location, fitting your price, size and layout, but cannot buy without a loan? Either a pre-approval will be accepted, but that cannot be done overnight. So, before beginning your hunt for the home, start hunting for fully approved loan and its ways to get it. Here it is:

1: Loans comparison shopping: Same as you shop for your furniture piece or automobile, shop for loans. Search online for mortgage providers; visit some credit union or local bank. Expand your search to community banks, other financial institutions and compare the terms. All the lenders will check your credit score.

Tip: Check the APR (annual percentage rate) and the interest rate of the lenders. The APR includes everything, the loan origination fees, borrowing amount and all other costs. Time taken is 14 days.

2: Bring a pre-qualification letter: Buyers expect pre-qualification letter before everything. During loan shopping, you must have spoken with lenders and you can get this letter from them. They are easy to get. The lender gives this letter based on your information of income, debts, assets and down payment size.

Tip: There is no need to take loan from the lender who gave the letter. Time taken is 1to3 days.

3: Get pre-approved: Here you need to submit documents such as proof of assets, income, Social Security Card and employment, besides debts records, if any. A stable employment and no debts means the process is for one or two weeks. But, if there are complicating factors such as previous bankruptcy or divorce, self-employed or pending court case, additional documentation is required and it may take weeks to months.

4: Final loan approval: With pre-approval letter armed, you can make an offer and it is accepted. There is a need for an official verification by a licensed appraiser visiting the property and once he approves, it is good news. Time taken is three days to two weeks.


Save More And Spend Less In 2017

Save More And Spend Less In 2017 - Earning vs SpendingYou may be expecting 2017 to be a stress-free year; why not, you can achieve your goal as being a financially strong individual for the next 12 months, most of the people do it and why not you, right. You won’t have to worry so much about because once you would do your financial planning right, you would always would do it right in future.

Save more and spend less, and or save more to spend money without being worried of the cash shortage on getting basic and important things of life; this is what most of the people use to think after spending the holiday season. December is the last but an expensive moth in relation to spending, Christmas, New Year and above all big discount offers of various kinds make it confusing to the general public that didn’t properly make, care and follow their budget. Ending year moments in the last month sometimes also create financial worries for those who strictly obey their yearly household budget but due to festive eve spending environment these people easily supersede their spending; after all it’s a moment of happy get together with the family and love ones, moreover, big sales over the very important and basic household products make over spender to even a budget abiding families.

Your credit card may become the major reason of being over spending; being in a credit card debt is the thing you should properly control, don’t over cross your spending because of the reason you have more cash limit over your credit card, only spend that portion of the credit you can afford paying back. Getting into credit card debt can lower your credit score. Try to pay off your credit card payment in full and within the time limit. Moreover, if you already had dropped your credit score due to your debt, it’s critical that you work to get it up again. Remember, your credit score is an important factor that determine your success in having any sort of loans and on the best rates because having a bad credit score means you can easily turned down your credit request, and or you will be asked to pay a high interest rate over your loan. What if you need to borrow a large amount of money? You can’t because it’s the lender that will determine.

Everyone should save more and spend less! When it comes to make a budget there is only one magical phrase “save more and spend less” and the only person that can follow it accordingly is ‘you’. If you have debt then create a post-debt budget for next 12 months, it’s not difficult, you know how you are doing each month and if some of the months require more money to spend then divide your income accordingly among all the months but don’t forget have some savings every month. Spending more money because you have more disposable income is not right. You may have some of the financial goals for the year 2017 but don’t forget about the uncalled and accidental expenses, create a financial plan that holds emergency funds to cover up all sort of financial crises, what so ever. Moreover, you should make a financial plan for you in advance by yourself or consult an accounting and financial adviser to get professional guidance to have the right direction.

I wish you could follow the save money concept, manage and maintain your cost of living, control your spending habit in relation to your earnings and have a credit balance that you would carried forward next year and continue the same every year.  eLoan Canada extend it’s best wishes for a happy holiday season and a New Year filled with Peace, Joy and Financial Success!.



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