top of page
HOUSE AND LOT FOR SALE IN CAGAYAN DE ORO_CAGAYANDEOROREALESTATES_LAALDEAHOUSE.jpg

Loan Approval

Obtaining a loan pre-approval is an important step in the home-buying process in the Philippines, as it gives you a clear idea of your budget and strengthens your position as a buyer. Here's a step-by-step guide to getting a loan pre-approval.

Loan Pre-Approval Guide

WALLPRO LOGO-TRANSPARENT_edited_edited.png

Step 1: Assess Your Financial Situation

  1. Review Your Credit History: Check your credit score and history. A good credit score increases your chances of loan approval.

  2. Evaluate Your Income: Lenders will look at your income to determine your ability to repay the loan.

  3. Calculate Your Debt-to-Income Ratio: This ratio is crucial as it shows lenders how much of your income goes towards paying debts.

Step 2: Choose the Right Loan Type

  1. Research Loan Options: Look into different types of loans (e.g., bank loans, Pag-IBIG Fund loans, in-house financing) and their requirements.

  2. Compare Interest Rates: Interest rates can vary significantly between lenders, so compare rates to find the best deal.

Step 3: Prepare Necessary Documents

  1. Proof of Income: Prepare your latest payslips, income tax return (ITR), and Certificate of Employment with Compensation.

  2. Valid IDs: Photocopy your government-issued IDs.

  3. Proof of Billing: This shows your current residence.

  4. Collateral Documents: If you already have a property in mind, prepare the title and tax declaration documents.

Step 4: Submit Loan Application

  1. Choose a Lender: Select a lender based on your research.

  2. Fill Out Application Form: Complete the loan application form provided by the lender.

  3. Submit Documents: Submit all the required documents along with your application.

Step 5: Undergo Credit Investigation and Appraisal

  1. Credit Investigation: The lender will conduct a credit investigation to assess your creditworthiness.

  2. Property Appraisal: If you have a property in mind, the lender will appraise it to determine its value.

Step 6: Wait for Pre-Approval

  1. Processing Time: Loan processing times vary by lender but typically take a few weeks.

  2. Follow-Up: Keep in touch with the lender for updates and provide additional information if requested.

Step 7: Receive Pre-Approval

  1. Pre-Approval Notice: Once approved, you'll receive a notice of pre-approval, which includes the loan amount, interest rate, and other terms.

  2. Review Terms: Carefully review the loan terms and conditions.

Step 8: Finalize Your Budget

  1. Determine Your Budget: Based on the pre-approved loan amount, finalize your budget for the home purchase.

Step 9: Start House Hunting

  1. Look for Properties: With your pre-approval and budget in hand, start looking for properties within your price range.

Step 10: Complete the Purchase Process

  1. Final Loan Application: Once you've chosen a property, complete the final loan application process with the lender.

  2. Closing the Deal: Follow through with the remaining steps for purchasing the property, as outlined in your home buying guide.

Additional Tips:

  • Stay Within Your Budget: Just because you're pre-approved for a certain amount doesn't mean you should max it out. Consider your other expenses and financial goals.

  • Keep Your Financial Status Stable: Avoid taking on new debts or making significant financial changes between pre-approval and the final loan application.

  • Be Prepared for Rejection: If you're not pre-approved, ask the lender for reasons and work on improving those areas.

Remember, pre-approval is typically valid for a limited time (often 60-90 days), so it's advisable to start your property search soon after receiving it.

Call 

+63936-540-0689

Email 

Follow

  • Facebook
  • Twitter
  • LinkedIn
  • Instagram

FIND YOUR NEXT HOME

At Cagayan de Oro Real Estates, we understand how important finding the right home is to you and your family. That's why we provide exceptional service, knowledgeable advice, and a wide selection of homes to choose from. Let us help you navigate the complex housing market and find the perfect home today!

CONTACT US

Interested in:

Thanks for submitting!

© 2024 Cagayan de Oro Real Estates. Powered and secured by Wix.

Home

​

Properties

​

News

​

Team

​

Contact

 

Unit S1 Bldg C R&B Plaza Masterson Avenue, Upper Balulang Cagayan de Oro

9000 Philippines

​

+63917-515-6755

support@cagayandeororealestates.com

REB #0010053 Valid Until 11/26

  • Instagram
  • Linkedin
  • Facebook
  • X
  • Youtube
  • Vimeo
  • Twitter
bottom of page