WHAT ARE THE STEPS INVOLVED IN THE LOAN PROCESS?
The information your lender needs is not much different than what is needed when you apply for a major credit card: Names and addresses of your employer and bank account numbers and balances. The lender will also need other financial information such as installment payments, auto loans, charge cards, and department store accounts. The location and description of the property also are required. Your lender will verify this information with your present and past employers, order a routine credit report on your current and past accounts, and order a professional appraisal of the property youre wanting to purchase. Allow yourself two to four weeks to complete the application process. Then once all the verifications have been completed, your lender will underwrite and approve the loan. Overall, the time from the date of application to the date of move-in is generally four to five weeks for conventional loans and five to seven weeks from the date of application for FHA and VA loans.
The information your lender needs is not much different than what is needed when you apply for a major credit card: names and addresses of your employer and bank account numbers and balances. The lender will also need other financial information such as installment payments, auto loans, charge cards, and department store accounts. The location and description of the property also are required. Your lender will verify this information with your present and past employers, order a routine mortgage credit report on your current and past accounts, and order a professional appraisal of the property you’re wanting to purchase.
When you first decide to look at properties, it’s a good idea to speak with a mortgage counselor and obtain a pre-approval letter, which in most cases is the final step in a complete mortgage commitment. In many cases the remaining condition is the satisfactory appraisal on the property you actually purchase. The lender commits to financing your home and indicates the total mortgage amount available to you using basic information and electronic credit reporting. When you apply for a mortgage, you will need to provide documentation regarding your income, expenses and obligations. This documentation typically includes your two most recent pay stubs, W-2’s for the past two years, last two months’ bank statements and long-term debt information (credit cards, auto loans, etc.) 6.
The information your lender needs is not much different than what is needed when you apply for a major credit card: names and addresses of your employer and bank account numbers and balances. The lender will also need other financial information such as installment payments, auto loans, charge cards, and department store accounts. The location and description of the property also are required. Your lender will verify this information with your present and past employers, order a routine mortgage credit report on your current and past accounts, and order a professional appraisal of the property you’re wanting to purchase. Allow yourself one to two weeks to complete the application process. Then once all the verifications have been completed, your lender will underwrite and approve the loan. Overall, the time from the date of application to the date of move-in is generally three to five weeks for conventional loans, four to seven weeks from the date of application for FHA loans, and five
The information your lender needs is not much different than what is needed when you apply for a major credit card: Names and addresses of your employer and bank account numbers and balances. The lender will also need other financial information such as installment payments, auto loans, charge cards, and department store accounts. The location and description of the property also are required. Your lender will verify this information with your present and past employers, order a routine credit report on your current and past accounts, and order a professional appraisal of the property you’re wanting to purchase. Allow yourself two to four weeks to complete the application process. Then once all the verifications have been completed, your lender will underwrite and approve the loan. Overall, the time from the date of application to the date of move-in is generally three to four weeks for conventional loans and five to seven weeks from the date of application for FHA and VA loans.
