Once you’ve made the decision to become a homeowner and picked the house, you may need to apply for a loan. This process might seem daunting, but your lender will guide you through it. The process will be even easier if you know what to expect and prepare for it.
Here are the high-level loan application steps:
1. Prepare required documents:
2. Submit the application.
Once you’ve prepared the required documents, the first step with the lender is to apply for the home loan. Of course, you will need to provide personal information, as well as information about the property you’ll be purchasing, such as the address and estimated purchase price.
3. Provide your documents.
Submit your documents, such as pay stubs, W-2s, bank statements and employment history. Tip: Did you know that some lenders allow you to provide your required documents digitally, even uploading directly from your mobile device?
4. Get pre-approved in as little as 24 hours.
Once your loan application is submitted, you should receive your pre-qualification in as little as 24 hours.