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Once the Banks have received all the relevant documents, the approval process begins.

The Bank will approve the loan subject to a property valuation, and subject to meeting all the credit and FICA requirements.

The valuation is done to ensure the Bank that the property being purchased reflects its true value. A bank appointed valuator will evaluate the property against its asking price as part of the bond application. The bank will generally grant a loan as a percentage of the assessed value (generally a lower value than the asking price) and the difference (generally anything between 10%-25%) will then have to be paid in cash by the buyer, either from savings or from further finance.

From here, the application usually takes between three and seven working days.

Once the valuator has inspected the property and submitted his report, the Bank will advise us (your mortgage broker) that the valuation process is satisfactory.

The Bank can now officially grant the loan.

We will now discuss the offer with you and compare offers from other banks. We scrutinise the costs and terms of lending and help you choose the most appropriate and beneficial offer.

Once accepted and signed off by you, it’s off to the Attorneys for final signature and transfer of the property into your name.