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After the Loan

Steps of Loan process

After the Loan, It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Its not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information, the faster your application will be processed. Once all the information has been verified the lender will call you to let you know the outcome of your application.

If the loan is approved, a closing date is set up and the lender will review the closing documents with you. And after closing, you’ll be able to move into your new home.

after loan  approval

The last of your EMIs is paid.Then call up your home branch and fix a time, when you can make a visit to collect your documents. Recall here that at the time of granting you the loan. Therefore the lender would have taken possession the originally registered sale deed as a collateral, apart from some cancelled cheques. They have to return this crucially important document, as soon as you close the loan. Since the loan has been paid. Then the bank will also have to issue a non-encumbrance certificate or a no-dues certificate, stating the liability no more exists.

If the loan is approved, a closing date is set up and the lender will review the closing documents with you. And after closing, you’ll be able to move into your new home.

About Mortgage

A real estate loan, which is also referred to as a mortgage. It is commonly used by homebuyers to finance real estate. When approved, borrowers sign a legal document (known as a mortgage note). It promises to repay the loan, with interest and other costs over a period of time.

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