How to Get Approval on Home Loans

Buying a home is a momentous occasion, however, have you thought about how to get approval on home loans?  There are six main steps you will go through when procuring a loan to make you a homeowner.

Step 1: Get pre-approved for the loan – You must do three things: complete the loan application through the chosen lender, order your credit report, and provide income and bank/asset documentation. All of this documentation will determine if you are eligible to receive a loan in the amount that you need. You should have a budgeted price on how much you are willing to spend. This will keep you honest and halt you from overspending.

Step 2: Locate a property worth buying – You should contact a real estate agent, whether it is one you know or found on websites like Once you find your agent you can start looking for the house of your dreams, and then lastly make an offer!

Step 3: Get the purchase agreement accepted – Typical tasks includes setting a closing date by which all documentation is signed off. Confirming the approval contingencies are set, so if by chance you can’t secure financing then you are not bound to buy the house. You will have to set up dates for inspectors to come and make sure that the home does not have any pre-existing problems. You also have to have your earnest money deposited, which means that you have to have some sort of a down payment ready to place on the house.

Step 4: Review the Home Loan – The appraisal must be ordered along with the title report and the income and assets must be verified (usually 12-16 days). This is typically the longest step if all of the other steps go smoothly and are expedited quickly. Once this step is completed, you will be in the home stretch to receiving your loan!

Step 5: Attaining Final Approval –  All that is being done is you are having an underwriter check to make sure that you have signed everything you need to sign, everything that is going on is legal, and that the home is ready for transfer to you.

Step 6: Send Loan Documentation to Title Company –  Once all required documentation has been sent in and signed off, you will be contacted for your appointment to sign your John Hancock (usually 1-3 days).

After you get your keys, you are ready to move into your new home and start living your new life in your new home.This is the best part of the whole process, and quite frankly, it’s the easiest!