Question: please explain the loan settlement process whaich are: Application Pre-approval, conditional approval Formal approval Solicitor or conveyancer engaged Contracts Exchanged Loan agreements and mortgage documentation

please explain the loan settlement process whaich are:

  1. Application
  2. Pre-approval, conditional approval
  3. Formal approval
  4. Solicitor or conveyancer engaged
  5. Contracts Exchanged
  6. Loan agreements and mortgage documentation prepared
  7. settlementtime and date
  8. Final settlement

(please explain each points)

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