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Home Buyer's Guide

Pre-approval is for showing that you're serious about the offer and also gives you a better understanding of how much you can afford.

Fill out our short online application to get pre-approved

Online application

Pre-Approval

Pre-approval is for showing that you're serious about the offer and also gives you a better understanding of how much you can afford.

1.   Conditional pre-approval – Conditional pre-approval considers taking into account your financial condition and shows that you are entitled to apply for a home loan and up to what limit.

To apply for your conditional pre-approval, you can apply online. You'll require being aware of the cost range of the property you're searching for, how much deposit you have saved, and your income and living expenditures.

2.   Unconditional approval – Once you have found your ideal house or ideal financing property, we will authenticate your financial position so that you can make a closing offer.


5 Things to Know When Shopping for a Home

Credit history

Financiers will look at your credit history, including Longman Loans. If you are certain that you have bad credit, you may be willing to consider improving it before you apply. In case you are not, we can help you find it out, cost free, with no agreement or obligation.

Monthly debt

The bigger your deposit, the smaller your loan will be, and the less you are likely to pay in interest. If you have less than the usual 20% to deposit, you might also require Lenders Mortgage Insurance. LMI protects us against any possibility shall you default. The LMI cost is added to your total loan cost ensuring that you don't have extra upfront cost.

Income

Buying a bill doesn't have to mean giving up your lifestyle. In order to ensure that you can easily and comfortably afford the home you want, consider your income and all the already made financial commitments as well as ongoing costs like monthly bills, credit cards, your living expenses.

Assets

Your assets are your private things that you own. To get your loan approved, we typically make sure that you have a job or some stable source of revenue that will permit you to make the payments. We also consider that people can lose their income sources. That's why we will likely be considering your other assets that could be converted in cash, in case necessary, to keep up with regular house payments.

1.   Liquid assets – are those held in cash or easily converted to cash, including checking and savings accounts; stocks, bonds and other securities; and life insurance policies with a money value.

2.   Non-liquid assets – are tougher to convert into cash but are still worthy. They include real estate, cars, and assets in retirement plans, businesses owned by the applicant and any other item of material value.

Purchases

If you use a home loan to buy a property, the tittle legal document will be given to us and the seller's agent will hand you the keys of your new home.


Home Loan Process Fees

Down payment

Depending on your credit history, the type of residence and your cause for buying, the minimum down payment could be 5%, 10%, 20% or more.

Closing costs

Customarily, you will pay between around 2% to 5% of the cost price of your house in closing fees.

Insurance

With a home loan to manage, there are a few things you may want to consider, like who would take responsibility of the refunds if anything happened to you? As much as the though is unhappy, it's important to safeguard those dear to you.

1.  Insurances like LMI and Mortgage Protection can help you overcome such problems.

2.  You will need to show proof of homeowners insurance so that the lender will fund the mortgage loan.

Home inspections

A home inspection is designed to provide the home buyer with the facts they require to make a more careful and healthy decision about the estate.

1.  The home inspection report should clearly identify any potential significant defects.

2.  Give the home buyer (you) a realistic estimate of the costs of repairs so that they can be negotiated in an updated purchase contract.

3.  An inspection should also highlight any areas or features that need to be addressed in the near future which may be reaching the end of their useful life span.

Solicitor

A solicitor can help you file for bankruptcy to stop the foreclosure, if your finances call for that, or a solicitor can file an order to show the cause to sojourn the foreclosure.


Closing

Required funds

Funding on a home loan is the final stage in the home buying process. Once the closing documents have been signed by all parties (i.e. you and the sellers), you will be sending the necessary documents to our Closers for funding approval.

The seller may pay costs related to closing to the lender depending on the terms of your purchase contract. The lender provides the funds from the loan.

The closing agent then pays out the price of the home to the seller and distributes the closing costs to the various closing service providers.

Location

All residential properties must be considered appropriate by an approved valuer appointment by Longman Loans. Properties under qualified title or old law may involve additional costs.

Longman Loans cannot offer finance for all types of residential properties. To check whether your property is suitable security, contact one of our lending consultants.

Power of attorney

1.   All signatures on the POA must be notarized and the POA must be reviewed by a Manager or above.

2.  The POA must be specific to the subject loan indicating property address unless it is a Military Durable POA, which does not have to indicate the specific property.

3.  An unexecuted POA cannot be reviewed.

4.  A Power of Attorney cannot transfer their Power of Attorney to another person.

5.  The POA must be specific to the subject loan indicating property address.

6.  POA is not allowed for single borrower transactions.

7.  The title policy must not make any exceptions based upon the use of the Power of Attorney.

Identification

Anyone who is signing should be prepared to provide two valid identifications at closing in order to prevent fraud regarding identification.

At least one document should be a government-issued document bearing a photograph of the named individual. Make sure the government-id is not expired.

Construction Loans

Building your own home? You need a construction loan to make your dream a reality. Call Reliance Home Loans for a consultation.

Debt Consolidation

Need to get your debts in control and streamline your payments? Call Reliance Home Loans for a consultation.

First Home Buyers

Ready for your first home? Make sure you do everything right. Call Reliance Home Loans for a consultation.

Investment Property Loans

Planning to buy an investment property? We can help with the loan as well as investment advice. Call Reliance Home Loans for a consultation.

Longman Home Loan Lenders


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