Steps for you to take to assure that your home loan application process is a smooth one! The following is an overview of what you will need to know about the home loan process--from Pre-Approval to Closing:
1. Call for a Pre-Approval analysis and letter
3. Select the home loan product, rate and term options that best meet your needs.
4. Complete your home loan application in person, by phone, fax or mail (depending on the lender). A fee of $350-$500 will be due at the time of application to cover the cost of the credit report and property appraisal.
5. Provide the lender with all the items or documents required to complete the application.
6. When all the necessary documents are received, the lender will order an appraisal and credit report, will underwrite the application and keep you informed on the status of the application. Call if you don't hear back on a regular basis.
7. The lender should provide you with a "Good Faith Estimate".
8. Monitor your application's progress by finding out when it is to be submitted to underwriting, when it receives underwriting approval. Keep an eye on your interest rate 'lock-in' date and if there seems to be a delay in the processing, ask if further information or documentation is required. Respond promptly to expedite the home loan approval.
9. When the underwriting is complete, the lender will advise you of the decision on the home loan and any conditions associated with the loan and closing. Some lenders will provide a written commitment letter.
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