After we receive your application, we will:
- Review your application to make sure the information is complete and consistent. A Home Loan Counselor may contact you for additional information or clarification.
- Verify the information you provided and confirm that all necessary documents are included.
- Evaluate your loan information in a process known as underwriting. Underwriting is a major step in the approval process because it evaluates your ability to comfortably make your loan payments.
- Order and review an appraisal of the home you are buying or refinancing. The appraisal confirms whether the property's value is in line with the purchase price and loan amount.
Your Home Loan Counselor may also work with you to make sure you obtain homeowners insurance for the property and to set up an escrow account to collect funds for expenses such as your homeowners insurance premium and property taxes.
Throughout loan processing, YourHomeLoan.info staff will provide you with important information about your loan and purchase transaction.