Home Buyers Guide...
 

Approving your loan application (Step 4)

It is now up to the National Lending Corporation to get your loan approved. A standard fee of $357 is requested to pay for the appraisal of the property and the credit report. You should engage the services of a licensed title agent to perform the settlement process. All the supporting documents are gathered by our professional loan processors to be sent to the lenders. Such documents shall include the uniform loan application, a verification of employment, a credit report obtained from the credit bureau, the appraisal, a copy of the sales contract, a verification of deposit fee (for the down payment), and other documents. These are prepared for review by the underwriter.

The lender's underwriter will review the information pertaining to your loan and choose to approve, deny, or suspend your loan. The underwriter reaches the decision depending upon the buyer's house-expense ratio and debt-to-income ratio, your credit history, your employment, the property appraisal or the loan-to-value ratio, and any compensating factors that exist.

Congratulations, on to settlement of the loan 5th step.

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