NCBA Bank simplifies home ownership with a five-step mortgage process offering clarity, support, flexibility, and expert guidance.
Owning a home is up there among most people’s biggest dreams. A home offers much needed stability and cuts out one of the biggest pain points in the lives of urban dwellers. Rent. Ownership also affords families full control over their living environments, including freedom to make modifications to customize homes to their liking.
Rent on the other hand is like a bottomless pit. When you pay rent, the money goes to the landlord and becomes of financial value to him or her, but not to you. In my view and that of many other people, there is a sense of purpose when one is making monthly payments towards owning a home, as opposed to giving it to someone else while the property will never be yours. A mortgage also lays ground for your family’s future since a home is a tangible asset.
One of the banks with the most solid home ownership facilities is NCBA which offers not only competent mortgages but also flexible repayment options, plus expert support both financial and advisory. Property ownership and the whole mortgage process can be quite intimidating, but NCBA Bank simplifies the steps while at the same time giving potential homeowners access to expert professionals for guidance.
There is comprehensive information about home ownership on the bank’s website but for this article, we summarize the step by step overview of the process. This five-stage process has been designed by NCBA to offer potential customers clarity, tentative timelines, and a guide to each step. This way, they are able to make informed decisions every step of the way.
Step 1 – Application and Approval
Your journey to home ownership starts when you express interest by submitting a mortgage application to NCBA. During this stage, the bank assesses eligibility and provides a decision within seven days. Eligibility criteria could be financial information and credit worthiness. It goes without saying that thorough preparation of documents and other information is necessary on the part of the customer to avoid delays.
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Step 2 – Offer Letter
Upon application approval, NCBA issues the home owner with an offer letter detailing terms and conditions like mortgage amount, interest rates and repayment period. The bank gives you 30 days within which to study, accept and sign the offer letter. It is in this stage that NCBA will also give you a detailed mortgage guide for your thorough perusal.
Step 3 – Valuation
Within seven days of you accepting the offer, NCBA will conduct a valuation of the property you are using as security to determine crucial details like market value and alignment to the loan amount requested. This step protects both you and the bank by verifying that the property can support the facility in question. Applicable fees for valuation are shouldered by the potential homeowner.
Step 4 – Security Perfection
Your dream of ownership is nearing fruition. At this stage, your lawyer registers the property being financed. If the transaction involves a mortgage transfer, NCBA lawyers will coordinate the release of the property title from the current lender. Security perfection is a legal requirement that typically takes 30 to 60 days during which legal documents are submitted to relevant offices for registration.
Step 5: Document and Disbursement
At the tail end of the NCBA Bank home ownership process when all valuation and legal work have been completed, the bank then releases the funds as agreed in the sale contract. Disbursement takes place within three days of receiving the registered documents. This step marks the end of the process after which as a new owner, you can take possession of the property.
This simplified home ownership process underscores NCBA’s strategy to take complexity and intimidation out of purchasing a home or property. It is clearly articulated and time specific so that you always know what to expect and what is expected of you and at what timeline. With this five-step approach, NCBA makes it possible to secure a mortgage and move toward home ownership with clarity and support.This methodical approach helps avoid frustration and also to plan effectively around the specified timelines.
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