What does the loan approval process entail?

It entails an examination and verification of your credit history, record of employment, documentation of assets, as well as an assessment of the property.

How do you improve your chances of being approved?

Supply proper documentation: Fill out your loan application accurately and completely.

Be prompt: Supply additional materials requested as quickly as possible, especially if your loan features a locked-in rate or your close is time-critical.

Hold off on major purchases: Do not add to your debt level while you are in the approval process. Wait until after you close if you are considering purchasing high-ticket items such as major appliances, furniture, or a car.

Bank accounts: All deposits should be traceable. If you are depending on the transfer of assets from family, friends or others, inform your loan officer without delay.

Be available: You should be in town when the loan is expected to close so you can sign documents in a timely manner. If you are unexpectedly called away, you must designate someone else to sign for you by signing a power of attorney beforehand.