We've put up a guide that lays down all of the processes involved in the mortgage application process and the timing for each step. So you've been thinking about purchasing a home in Ajman for a while and now feel ready. We understand since we searched "how long does it take to acquire a mortgage in Ajman?" and the results were, to put it mildly, dismal.

This article outlines the mortgage application process and what to expect at each stage. We've also included some advice from our mortgage consultants throughout the journey to help you feel prepared and confident. But, first and foremost, to address your question, it typically takes 30-50 working days to acquire a mortgage in the UAE. This timing may vary based on your job status and specific circumstances, but your mortgage advisor may provide an estimate during the initial phase of the process.

Tip: Before you start the official mortgage procedure, use an online mortgage calculator to get an idea of how much of a loan you may acquire from UAE banks. It will take less than 5 minutes and can be done on your laptop while lounging on the sofa or your phone while waiting in line at Starbucks. This is also known as mortgage pre-qualification.

Obtaining A Mortgage In The UAE

There are two methods to apply for a mortgage in the UAE: directly with a bank or through a Mortgage Broker, who may shop around for the best price. The following timetable is based on the Mortgage Broker option. However, the stages are similar in both scenarios.

• If You Have A Mortgage, You Should Apply As Soon As Possible

This is also the most critical stage in the mortgage application process. Many UAE house buyers begin their property search seriously only after receiving a mortgage pre-approval. This allows people to assess the kind of houses they can afford. If you want to buy a home on the secondary market, sellers will only consider you a serious buyer if you have bank pre-approval. If you're lucky, your pre-approval letter will arrive in 4-5 days. The letter will declare that the bank has pre-approved you for a loan and will pay the required mortgage when you buy your house.

Mortgage pre-approvals are typically good for up to 60 days. This depends on your chosen bank since some offer a 30-day validity term. If your letter expires, it will need to be re-validated by the bank, lengthening the schedule for your mortgage.

• Locate And Select A Property

Now that you have an estimated deadline and a pre-approval letter, selecting a house depends entirely on the current real estate market and your tastes. You may strike gold and locate your dream home in a single day, or it could take weeks. This stage of the house purchasing process might take up to 30 days on average.

• Property Appraisal

After you've decided on a property, your bank will request a property valuation report. To maintain objectivity, a property value is conducted by a third party. This stage ensures the bank that the property is worth the requested amount. Your mortgage counselor will need certain information and papers concerning the property to continue. The value is based on the money set aside to pay off the debt.

Tip: The cost of the property value will be determined by the bank. Some banks provide a 50% refund after the mortgage transaction is completed.

The term "property valuation" refers to the amount of money a person or business is willing to pay for anything. The property appraisal process usually takes 3-5 days. However, if the valuation is lower than expected, you can pay the difference between the property's worth and the mortgage offer. You could also overturn the value. Typically, this entails confirming comparable homes in the building or neighborhood at the price you expected and requesting the bank to re-evaluate. You may be confident that your mortgage expert will collaborate to discover your best option. The timetable may be between 14 and 20 days in this case.

• Letter Of Acceptance (FOL)

We will need to confirm the final amount and mortgage terms and conditions from the bank once you have agreed on the appraisal of the property. In most situations, these will be the same conditions specified in the pre-approval letter, but if the bank decides to remove or adjust the rate, you will be notified in advance. Your mortgage counselor will send this request to the bank on your behalf. If the bank approves, we will be told that the final offer letter is available for signing. This typically takes five days. This paper must be signed in person at the bank.

• Property Transfer And Disbursement

Congrats! You're so close to receiving the keys to your new house. This is the process through which the bank sends money to your bank account. Once the disbursement is completed, the mortgage period begins, and you must start making monthly mortgage payments within 30 days. You will need to sign documents to transfer the property title deed now that the cash has been deposited into your bank account. For this process, both parties involved (buyer and seller) must attend a meeting in the trustee's office. The last stage between FOL and property transfer will take around five days.

So, How Long Does It Take In Ajman To Get A Mortgage?

It all depends on your specific situation. If everything goes smoothly, your mortgage might be approved in 6-8 weeks. It will take 30-50 working days to receive the keys to your new house.

So if you are ready to apply for a mortgage, we are here to help.