The Home Loan Process
You submit a loan application
You fill out paperwork with personal information and provide financial information and documents. You’ll be asked to show proof of income and assets as well as any debts you have, including credit cards. Some of the information requested will be for recent or current data. Some of it may go back a few years in order to see your credit history. You can see a complete list of what’s usually needed
The application is processed
At this step, all the information you provided is reviewed to verify that it’s complete and accurate. A check of public records will also be made to see if there are any outstanding financial issues such as liens. This part usually takes about one week.
Sometimes, clarification or additional documents will be requested. You’ll want to respond quickly so you can keep things moving along.
Risk is analyzed
With the completed and verified application, the next step is for a lending institution to analyze the risk involved in making a loan to you. In general, the better your financial picture and history, the better the rate and mortgage loan options you will qualify for.
1st Alliance fact: We do things differently at this step. Many other lenders rely solely on a credit score that a computer generates to determine what kind of loan you qualify for. But at 1st Alliance, we take the time to listen to you and get a more complete picture so we can best set you up for success.