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Understanding the home loan process.
Here is what the home loan process looks like:
Step One: The Loan ApplicationFilling out a loan application is the first step in obtaining a mortgage. This usually takes place over the phone with the loan officer. Sometimes you can even aply over the internet. You'll be asked for information about employment, earnings, savings, and so forth. You'll be asked to provide documentation, such as W-2's, recent pay stubs, and perhaps even copies of your income tax return. The loan officer will also check your credit report.
It's important to make sure your application is complete and accurate. Missing or incorrect information can delay the loan or can even cause you to be turned down for a loan. A good loan officer will take time with you and not rush through the process.
Step Two: Loan ProcessingOnce your loan application has been completed, the loan officer passes the application to the processor. The processor's job is to organize the paperwork and make sure all the documentation is complete. It's her job to make sure that the loan officer hasn't missed anything. It's common for the processor to give the borrower a phone call to verify facts or request additional documentation. The ... more

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