Apply for a Loan
01. Improve Your Chances
- Fill out the loan application completely. The lender needs all this information to determine your creditworthiness. Make sure you have the documents you need ahead of time.
- Respond promptly. Don't put off responding to lender requests for additional documentation. Get the documents yourself if necessary.
- Don't quit or change jobs. Only hours before funding a loan, a lender may call your employer to confirm your job status.
- Don't go on a spending spree. Before the sale is scheduled to close, the lender may check your credit report for high credit card balances and your bank accounts to make sure you haven't drained them.
- Make sure the appraisal is done properly. For a home purchase loan, the lender will order an appraisal to ensure that you don't pay too much for the home you want to buy.
- For a complete list of the paperwork you may need, see Documentation.
- For more about appraisals, see Property Value.
- Learn how to Get a Home Inspection.
02. Submit Your Application
- When you submit your final mortgage package, your lender or broker combines your standard loan application, the results of your credit report, and the property appraisal.
- The above information, along with your proposed down payment, is submitted to the lender's underwriting department for review.
- With complete and accurate documentation, plus a good credit history, the loan approval process may happen within two weeks. The process can take 30 days or more if your credit or documentation is incomplete or unsatisfactory.
- Click here to view a standard Uniform Residential Loan Application in PDF format.