Careful and in depth study of the home loan process will not only demystify it but also enable a potential borrower to get the best home loan he possibly can. When you decide to get a home loan to finance your dream home, there are a few procedures that the lender will require you to comply with. You will need to provide the lender with various documents as proof of your financial soundness and ability to repay the loan on a regular basis. These documents could include tax returns, salary statements, employment verifications, bank statements and such.
The underwriter will go over all relevant documentation and the loan application with a fine toothcomb. The loan agent will be your means of communication with the underwriter. The underwriter will take a week or ten days to complete the initial appraisal, after which he can ask for further documentation or even disapprove the loan if he feels you are a bad investment. If the initial documents have been approved, provide further documents and wait a few more days.
The entire loan process can even take a month to complete. In case of people with bad credit history or self-employed people, the process can even take longer. If the loan has been conditionally approved by the underwriter, it is then sent to your attorney or the title company. Either of these two parties will add to the list of documents, any further information that is needed.