The age of the Internet is firmly with us, and this enables the average person to do many things online, including applying for a mortgage. What used to be a time consuming process that took at least a few days, can now be completed online in a matter of minutes, and if you are preparing to become a homeowner, here is all you need to know about making an online mortgage application.
Simple Three Step Process
The process of a housing loan application in Malaysia, for example, is extremely easy, and with three simple stages your online application is complete. There are established banks that have online facilities to make the process both fast and convenient, and the 3 step process is as follows:
- Read and Understand the Terms and Conditions – This is an essential step, and once you have read and agreed to the terms and conditions, you can move on to the second stage. The first stage ensures that the borrower fully understand the terms and conditions of the mortgage, and after you have read all of the documents in the list, you can click on the “Agree” button, which will then take you to the second stage.
- Applicant and Home Owner details – This section includes important personal information about you, the applicant, and also the current owner of the property. This information would include property details as well as current salary and position of the applicant, and once this section has been completed, you can continue to the final section, which includes images of necessary documents.
- Documents to be Submitted – The final stage of the online mortgage application is to submit scanned images of relevant documentation, such as your IC or passport, plus offer to purchase documents, and finally, salary slips for the previous 3 months along with bank statements to verify this.
All of the above can be completed within a few minutes and after submission, you will receive a reply within a short time. There are established banks in Malaysia that offer this service, and with special first time buyer packages, you can find a suitable home loan that is flexible.
Most banks have a list of attractive properties they are looking to sell, and often the price is lower than usual, as the bank wishes to resell the property. If you have yet to source your dream home, it might be worth a look at the listed properties, which are often attractively priced and you will be informed of the auction date and can bid accordingly.
Technology allows us to do many things online, and this includes applying for a home loan, and by dealing with an established bank, you can be sure of receiving the very best attention. Whatever your price range, the best people to talk to regarding a mortgage are established banks that can offer tailored home loans to suit your needs.