Getting a Loan

When you submit your loan application, either online or in person, your lender evaluates the information on your application, the results of your credit report, the information about the property you want to buy, and your down payment to estimate your ability to repay the loan.

If you have already obtained qualification for a mortgage, the lender may be able to approve the application and complete the loan within a couple of weeks.

To improve your chances of loan approval:

• Complete the loan application. The lender needs all this information to determine your ability to repay the loan.

• Respond promptly. Don't delay in responding to the lender's requests for additional documentation. Obtain the documents yourself and deliver them by hand if necessary.

• Don't go on a spending spree. Before the sale is scheduled to close, the lender may check your credit report to verify that your credit card and bank blances still qualify for the loan.

• Make sure the appraisal is done properly. The lender will order an appraisal of the home to determine the value of the property. If the appraisal is low, you may request that a second appraisal be done.