Once your chosen Bank has received all the relevant documents, the approval process begins.
Bond approval is always subject to a property valuation.
The Bank will approve the loan subject to a property valuation, and subject to meeting all the credit and FICA requirements.
This valuation is done to ensure the Bank that the property being purchased reflects its true value.
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 you or your mortgage broker that the valuation process is satisfactory.
The Bank can now officially grant the loan. Once accepted and signed off by you, it’s off to the Attorneys for final signature and transfer of the property into your name.
