We will want to verify certain information about you and the property. Borrower information will include verification of income and employment, assets, and your credit history. You, the applicant, as part of your application process, will usually provide some of this information. Other information, such as your credit history, will be obtained directly from the credit bureaus. Visit our Loan Application Checklist page for frequently requested documentation.
For the property itself, we will order an appraisal in most cases and a legal description of the property, such as a title report.
The Loan Approval Process
During the "processing" and/or "underwriting" period, your credit, assets, income and other determinants are checked and validated. Your loan is either approved with conditions, approved without conditions or declined. Conditions are further documentation or checks we will need to finalize your loan before funds can be dispersed. We do our best to help you through the process - remember, we are simply trying to meet conditions or your loan approval.
Since some loans are sold and serviced by other parties, the lender must verify that the loan can be sold upon close. Not to worry, no other terms of your loan can be changed after you have signed your final loan documents. When all conditions are met, your loan documents are drawn up and forwarded to the place of settlement or closing, typically a title and/or escrow company.