Fourth approval process the bank and appraisal of the property.
Once the file is received, the bank has a period of 90 days plus an extension of 30 additional days to approve the loan, during which time, proceed with a valuation of property, conducted by an expert authorized by the Superintendency of Banks and Other Financial Institutions, which issued a report indicative of the market value of such property, for which schedule a visit to the home for the expert to take measurements, take photos , observe the condition of the property, if any improvements to the property, the conditions of common areas and the home environment: schools, malls, roads, etc..
So the value of the property obtained, the bank shall give the final approval of the loan at 100% of this value or purchase price, the lower of the two, indicating the person his acceptance proceed with the preparation of the notarization of the mortgage document.
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