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5.
Obtain Loan Approval
Once
your loan application has been received we will start the
loan approval process immediately.
This involves
verifying your:
- Credit
history
- Employment
history
- Assets
including your bank accounts, stocks, mutual fund and retirement
accounts
- Property
value
Based
on your specific situation, additional documents or verifications
may be required.
To improve
your chances of getting a loan approval:
- Fill
out the loan application completely.
- Respond
promptly to any requests for additional documents. This
is especially critical if your rate is locked or if you
plan to close by a certain date.
- Do
not make any major purchases. Do not buy a car, furniture
or another house till your loan is closed. Anything that
causes your debts to increase might have an adverse affect
on your current application.
- Do
not move money into your bank accounts unless it can be
traced. If you are receiving money from friends, family
or other relatives, please contact us.
- Do
not go out of town around the closing date. If you do plan
to be out of town when your loan is expected to close, you
may sign a power of attorney, to authorize another individual
to sign on your behalf.
Go
to Step 6
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