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. 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 two to four weeks to complete the loan process.
