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Home Loan Guide

Step 5

Getting Down to the Loan Process

You can help avoid delays and speed up the decision process on your loan by doing the following:


  1. Gather all the relevant documentation:
    Before you fill out an application, gather all the documents relevant to your loan process including those from your co-applicant(s).
    A. Personal Financial Information:
    • W-2 Forms for the two (2) years immediately preceding your application date.
    • Information on all checking, savings, money market, stock brokerage, IRA, company savings plan, and other asset accounts, including account numbers, institution addresses, and balances. Copies of the previous three monthly statements may substitute the verifications of these information and help speed up the process.
    • Names, addresses and account numbers for all creditors with the estimated present balance and monthly payments.
    • Evidence of sources of down payment.
    • Complete names, addresses and phone numbers for your employers during the past two (2) years, including dates of employment.
    • Most recent pay stubs covering a one month period.
    • If you are self-employed, you must provide profit and loss statements and balance sheets for the past two (2) years, plus current year-to-date financial statements. Copies of your 1040s with Schedule C for the previous two (2) years are also required.

    B. Information on the property:
    • Sales agreement
    • Information on Homeowner Association, if applicable.

    By having all the documents ready, you can fill out the loan application form quickly. This will help the loan processor to review your application more efficiently.

  2. Fill out loan application form completely:
    When filling out the application form, be sure to answer all questions carefully and completely. A lot of time will be wasted if additional information has to be obtained during the approval process.

    Having well-maintained records and an up-to-date personal financial statement will definitely help you save time and extra trips to the loan office. It will also speed up the loan application process.

    Loan Approval Process
    1. Once you fill out the loan application form, the loan officer will review it to make sure all information required is complete. Otherwise, the loan officer may request additional information.
    2. Once all information is completed, your loan file will be forwarded to a loan processor who will request a credit report, the title report and an appraisal report of the property on your behalf. The processor will also send out verification letters to your employer(s), bank(s), and lender(s) to verify the accuracy of information provided in your loan application.
    3. After all the relevant documents are ready, the completed package is reviewed by an underwriter who will determine if your loan application is approved or not. If he/she thinks that additional information is required for you to qualify, he/she will give a conditional loan approval pending some other conditions to be satisfied.
    4. If your loan is approved, all necessary documents will be sent to an escrow company for your execution for closing.
    5. After the documents are executed, the lender will transfer the funds to the escrow company where funds will be disbursed and title will be transferred to you accordingly.