Mortgage Services
Simplifying the complexities of financing
Step By Step Guide To Mortgages:
Navigating the complexities of finding the perfect mortgage can feel daunting due to the multitude of factors to consider. This comprehensive guide is designed to guide you through each stage of the process, from consulting with an advisor to securing a pre-approval, undergoing property valuation, obtaining final approval, completing the property transfer, and receiving your new title deed. Let this guide assist you in finding the optimal mortgage solution and achieving your dream of owning a home.
Step By Step Process For Property Mortgage Guide
Step 2 – PRE-APPROVAL:
✔ Once you’ve selected a bank, submit your documents to your advisor or directly to the bank to initiate the pre-approval process. A pre-approval provides a clear indication of your creditworthiness and outlines essential mortgage terms such as the loan amount, Loan-to-Value (LTV) ratio, interest rates, and other pertinent details. Obtaining pre-approval before property shopping helps you understand your budget and facilitates a smoother purchasing process. Pre-approvals typically remain valid for 60 days, giving you ample time to find the right property with confidence.
Step 3 – VALUATION:
✔ Once you’ve signed the Memorandum of Understanding (MOU), the bank will commission a third-party valuer to assess the property’s fair market value. This valuation report is crucial as it guides the bank in determining the loan amount. If the valuation comes in lower than the MOU price, the buyer may need to cover the shortfall. Valuations typically remain valid for 45 days, ensuring that the assessment reflects current market conditions accurately.
Step 4 – FINAL APPROVAL LETTER:
✔ Upon completion of the necessary assessments and documentation, the bank will issue a final approval letter detailing the formal terms of your financing. Your mortgage advisor will assist in thoroughly reviewing this document to ensure all terms and conditions align with your expectations and requirements.
Step 5 – POST FINAL APPROVAL:
✔ Once you’ve signed the final approval letter, proceed by depositing your funds into the designated bank account under your name. Following this, the bank will issue manager’s checks to the relevant parties involved, such as the seller or developer, facilitating the smooth transfer of funds as per the agreed terms. This step ensures that all financial transactions are conducted securely and efficiently in the property acquisition process.
Step 6 – PROPERTY TRANSFER:
✔ Once all manager’s checks have been issued, the next step involves the bank scheduling the transfer of the property at the Dubai Land Department (DLD). This process ensures that the legal transfer of ownership is conducted in accordance with local regulations and that all necessary paperwork and payments are finalized to complete the property transaction.
Step 7 – NEW TITLE DEED:
✔ Once all formalities and payments have been completed at the Dubai Land Department (DLD), the final step is the issuance of a new title deed, officially confirming you as the property owner. Our mortgage advisors are prepared to assist you in finding the optimal mortgage solution with competitive rates. Obtain a pre-approval from a bank in just a few days to streamline your property ownership journey.
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