answersLogoWhite

0


Best Answer

The first step is to contact a loan officer and request a pre-approval. You will need to provide your personal information: Name, social security number, date of birth and citizenship status. You will also need to provide a 2 year residency and employment history, your income and your assets.

The loan officer will pull your credit, and let you know how much you qualify for based on your credit score, income, debt and down payment. If you are pre-approved, you will need to provide the following documentation:

1 month most recent paystubs

2 years w2's

2 years full signed tax returns

2 months most recent bank and asset statements

12 months canceled checks to prove rental history or mortgage history if it is not on your credit report

You will also sign all of the preliminary loan disclosures

The loan officer will submit this documentation to the underwriter who will obtain and review title insurance as well as an appraisal for the home. The underwriter will condition for any additional information and documentation for you to provide, and upon final review they will issue a clear to close the loan.

At that point a closing will be scheduled at the title company, where you will sign all of the final documents for your loan.

If it is a purchase, the lender will wire the money after the seller signs the documents, and if it is a refinance the lender will wire the money 3 days after the loan closing. At that point, the loan is funded and complete.

User Avatar

Wiki User

โˆ™ 2011-03-24 01:41:35
This answer is:
User Avatar
Study guides

Who was the father of rationalism

What is discretionary spending within a budget

What provides a bank with collateral on a car loan

Which is one way that credit cards differ from debit cards

โžก๏ธ
See all cards
3.27
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
15 Reviews

Add your answer:

Earn +20 pts
Q: What is the process or procedures for obtaining a home loan?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Where do i get a Home Loan in VA?

There are several options for obtaining a Home Loan. You can get a loan through a bank and many private investors also offer home loans.


Does filing bankruptcy decrease the chances of you obtaining a home or auto loan?

Absolutely.


What is the definition of a VA mortgage loan?

The definition of a VA mortgage loan is a loan that is guaranteed by the Veterans Administration. The purpose of this loan is to assist veterans and their families in obtaining home financing.


Can you get a home equity loan with no mortgage?

You can get a home equity loan with no mortgage but the process is a lot longer than the normal loan process. If you are interested in getting a home equity loan, please visit http://austinhomemortgageloan.com, we will be happy to assist you!


What is the home equity loan and line of credit?

The home equity loan is a way to release the equity of your home in order to borrow money. A line of credit is a phrase used for a method of obtaining credit.


How does reposession affect obtaining a home loan?

A repossession ruins your credit for 7 years. This will have an adverse effect on any loan you may try to obtain.


Where would one be able to get advice on obtaining a home purchase loan?

To get advice on obtaining a home purchase loan one could try to make an appointment with their bank or any local bank and talk to an advisor. One could also ask family and friends for their advice.


How does one go about getting a boat loan?

Obtaining a boat loan is the same method as obtaining an automobile loan, a mortgage or any loan. One must have a history of credit scores and no bad credit.


How do you go about obtaining a construction loan?

easy


How would one begin the process of obtaining the lowest loan rates from lenders?

There are many different approaches to obtaining the lowest loan rates from lenders. The most common ways are to establish a good credit score, proof of stable income and monitor market interest rates and apply for a loan when interest rates drop.


Where can one find the current status and information of your home loan?

One can find the current status and information regarding ones home loan by contacting their lender or loan servicer by telephone on their mortgage statement. Determining who owns the mortgage is crucial in obtaining information.


What are some of the requirements for a home loan?

The minimum requirements to qualify for a home loan are having the down payment, having limited debt, having a good credit history, and having stable employment. The better a person stands with these requirements, the greater they have of obtaining a home loan and getting a low rate.

People also asked