Explore the Loan Process

Step 2: Approval

You've done your part by applying and now it's time for us to do ours. To begin your loan consultant will need a copy of your last two years tax returns, copies of your most recent paycheck stubs for the last 30 days, and the last two months bank statements or most recent quarterly retirement statement to review and process this information into your loan application. Below we've outlined the progression of the approval process.

Credit Check

A credit check is performed to verify your credit score. Your credit history will help your loan consultant process your loan application to take account of other monthly obligations you have and not exceed a payment for which will be unaffordable.

Document Request

At this time our loan professionals will request any documentation they need to complete the process. Possible documents they will ask for include rental agreements, proof of homeowners insurance, and other related documents in order to secure a loan.

Appraisal

Once the loan application is complete and you agree to the terms for which you are applying by signing the loan application, you should recieve an approval within a week. Your loan consultant will then go over an appraisal order with you in order to set up a time best for you to have an appraisal scheduled.

Underwriting

Underwriting is the examination of the appraisal report, a review of all documents you have provided and an evaluation of your credit profile. It is after underwriting that your loan application may be approved for closing.

Approval

If your loan comes back approved, Congratulations! It's now time to move on to the final step towards closing your loan:

Next: Closing of the Loan