|
|
Home
> Library
> Application
> WHAT HAPPENS DURING THE LOAN PROCESS? Many lenders today utilize electronic systems that can generate an approval almost instantaneously based upon the information you provide, the amount and type of the loan and your credit score. Once all of the hard copies of your application and financial paperwork are received they are sent via an overnight service to the lender. Your loan is then assigned to an underwriter who will verify the information you have provided in accordance with their guidelines. This process can take anywhere from one to six weeks depending, again, on the documentation you have provided, the amount and type of loan or if the underwriter requests additional information. For many homebuyers, this waiting period is stressful and nerve-wracking. Never hesitate to call us for updates on the status of your loan or with any questions. Remember: Lenders are in the business of making loans, not denying them, and they will do their best to qualify you for a loan.
Phone (805) 577-6663; Fax (805)
577-6743 |