Eight Steps to Finance Property

4. Loan Application

Once you have attained an accepted offer on your purchase, your Lender will walk you through the Loan application process. There will be a fee for this process of from $300.00 to $400.00. This fee pays to process the loan application, an appraisal and other related costs.

This is the point in time when you will need all of the documents that we have previously discussed (and perhaps others). The loan "Originator" (the person taking your loan application) will complete all of the procedures needed to present your application to an "Underwriter" (the person who works for the Lender and has the final say for approving your loan). The Underwriters job is to determine if your loan application meets all of the Lender and Federal agency guidelines and that your loan is a risk worth taking for the lender.

Mortgage Calculator Next Step >