When your loan application has been received by the lender they'll start the loan approval process right away.
This will involve verifying :
1. Your Credit history
2. Your Employment history
3. Your assets which include your bank accounts, stocks, mutual funds and retirement accounts
4. Your Property value
Whatever your situation, additional documentation or verification may be required.
All of this information is required and should be included in detail, with as much accuracy as you can provide your lender. When something is left out of the loan application, which is required by the lender, you might get left out of the loan process and your loan request denied
If you want to improve your chances of getting a loan approval:
1. Make sure that you fill out the loan application completely.
2. Respond right away to any requests for additional documents that the lender may need form you. This is important if your rate is locked or if you plan to close on a certain day.
3. Don't make any major purchases. Don't buy a car or any big ticket item until your loan is closed.
4. Anything that might cause your debt to increase could have a negative affect on your current application.
5. Don't move money abruptly into your bank accounts unless that money is traceable.
6. If you are receiving money from friends, family or other relatives, tell your lender.
Can you add anything that the borrower should also be aware of ?
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