In the dynamic world of real estate, time is of the essence. As a borrower, securing a home loan quickly and efficiently can give you piece of mind whether you are buying a new home or using the money from the home loan for other reasons whether it is an emergency or for other expenses. In the Philippines, the market leader in fast approval home loans is M Lhuillier Financial Services, Inc. There are many choices of home loan lenders in the Philippines such as banks and other financing companies, but M Lhuillier has been the leader in the fastest approval because of their streamlined processes and quick communication with borrowers.
Understanding the Home Loan Approval Process in the Philippines
It is important for a borrower in the Philippines to understand the traditional mortgage approval process. This typically involves a series of steps, including:
Pre-qualification: This first step involves providing basic customer information on your sources of income and details on the property being offered as collateral. This information is used by M Lhuillier to determine the amount of the loan and the borrower’s ability to repay.
Formal application: Once the borrower is initially approved the borrower shall submit all legal documentation proving ownership of the property as well as bank statements and formal proof of income. Proof of income can include, pay slips, international remittances, and/or income from a co-maker.
Credit check: M Lhuillier will review all the documentation the borrower has provided and asses the creditworthiness and determine the loan's interest rate. M Lhuillier’s home loans can go up to 10 years and have very low interest rates compared to other financing companies.
Appraisal: An appraiser from M Lhuillier will evaluate the property's value to ensure it aligns with the information provided by the borrower. M Lhuillier’s competitive advantage is that it has over 3,000 locations around the Philippines which makes it easy for them to send one of their appraisers to verify the value and location of the property.
Approval: When the borrower has received the official approval, the borrower can decide whether they would like to receive the loan proceeds in cash at any of M Lhuillier’s locations around the Philippines, check, or bank transfer.
Factors Affecting Home Loan Approval Timelines
The traditional home loan approval process in the Philippines can take anywhere from 1 to 6 months, depending on the lender; however, at M Lhuillier Financial Services, Inc. a home loan can be approved in less than 2 weeks. Several items can help make the home loan approval process faster including:
Completeness of your application: An application that is filled out completely and with correct information will reduce the number of questions that the lender will ask the borrower and help for a fast approval process. It is also important that all the legal documents related to the home loan are complete for fast appraisal by M Lhuillier’s appraisal team.
Property type: Some property types, such as investment homes in rural areas, may require additional documentation if the home does not have a Transfer Certificate of Title (TCT) and only a Tax Declaration. Homes with a TCT and Tax Declaration will have a faster approval process.
Credit history: Borrowers without a full-time job or business will have to pass through more checks and will take longer to approve. credit histories or recent credit inquiries may face longer approval times due to more in-depth scrutiny.
Lenders That Offer Fast Home Loan Approval Programs
Several lenders in the US offer specialized programs designed to accelerate the home loan approval process. These programs may involve streamlined application processes, dedicated underwriting teams, or technology-driven solutions to expedite reviews. Some notable lenders include:
M Lhuillier: M Lhuillier’s Fast Home Loan Approval process will give you a pre-approval in as little as 48 hours from the submission of the complete set of application documents.
BPI: Bank of the Philippine Islands Home Loan Approval can take as little as 2 weeks if you are a current costumer of the bank.
UnionBank: UnionBank offers a Home Loan for existing customers with an approval process of as little as 3 days.
RCBC: RCBC’s Home Loan program for good customers can be processed in as little as 14 days from the day of applications.
Conclusion
Applying for a fast home loan whether the money is used to buy a house, condominium, or for personal reasons, it is very important that the borrower prepare all his/her documentation before they start the application process. This will make the process seamless and will give the borrower a better chance of qualifying for a home loan at the highest amount and lowest interest rate. For the fastest approval and most convenient application process M Lhuillier Financial Services is the best one in this category.