Once you have decided to go with a certain loan provider and finalized a buy agreement, it is time for an actual credit score approval confirming income, liabilities and your ability to repay the loan.
Most loan applicants go to their loan meeting with a finalized copy of buy agreement. A buy agreement for the home will specify the amount of your down payment, the price you will pay for your home, and your proposed closing date. When you go to implement for a mortgage, the lending company will use all these data to calculate whether the home you want to buy can serve as collateral for the amount of money you wish to borrow.
Your ability to obtain a mortgage to a great extent depends on the details contained in your Credit Review. So, it's a good idea to get your credit score score, before you implement for a mortgage, and correct errors.
To ensure that your home loan program will be processed as quickly as possible, it’s important to bring all the proper details to your program for the loan meeting. Click on the Loan Application Checklist for a list of documents most lenders will require in order to process your home loan program.
Typically, you will complete the Uniform Residential Loan Application, that is widely used in the home loan industry, during the initial meeting. Keep in mind that probably you will be required to pay an program fee, credit score report fee and the appraisal fee when you submit the home loan program.
After you implement the lending company will begin the work of confirming all the details you've provided. This loan approval Mortgage loan apply process described in the next step, can take anywhere from one to eight weeks, depending on the type of home loan your choose and other factors.