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Application Review
At the application, the lender will ask you some basic financial
questions about your current income, debts and assets available
for investment in your new home. The lender will review your
credit report, along with any verification needed from your
bank, landlord or employer. After the initial approval, the
lender will order an appraisal of the property to make sure
it’s worth the mortgage amount (since it will serve as
collateral for the loan).
Approval Process
The days of the 45-day or 90-day loan decision are gone. Now,
processing your application is much faster. The information
you submit will be joined electronically with a credit report
and submitted through financial institution's automated
underwriting system, which automatically determines whether your
application meets the requirements for approval. |
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