Application Review
At the application, the lender will ask you some basic financial
questions about your current income, debts and assets available for
investment in your new home. The lender will review your credit
report, along with any verification needed from your bank, landlord
or employer. After the initial approval, the lender will order an
appraisal of the property to make sure it’s worth the mortgage
amount (since it will serve as collateral for the loan).
Approval Process
The days of the 45-day or 90-day loan decision are gone. Now,
processing your application is much faster. The information you
submit will be joined electronically with a credit report and
submitted through financial institution's automated underwriting
system, which automatically determines whether your application
meets the requirements for approval.
The
Loan Process
