Want to make a home loan application? If you wish to buy your first home or switch your existing loan, this detailed guide will inform you about what matters most when applying for a home loan.

HOW TO APPLY FOR A HOME LOAN

It’s always a good idea to get multiple quotes and then compare them at a later stage. Pre-approval for a loan is also a good idea, and it takes part of the stress out of the home loan application process. When getting a loan pre-approved, a lender will take your credit score, income, and expenses to give you a rough estimate of how much you qualify for. This tells sellers that there is a strong chance of securing finance. You will need to provide your lender with some documents to get a home loan approved.
These documents include:

1. 1. Proof of assets (income, stock, check, and savings accounts);
2. 2. List of liabilities (credit cards or other loans);
3. 3. Additional paperwork (depending on the lender);
4. 4. A copy of the signed Purchase and Sale Agreement (if applicable);

You may need to provide your lender with more documents. This depends on the circumstances of your application and the type of home loan you are applying for. You must be responsive to your lender to keep the process rolling.

Once you have filled out the application, it will be processed. At this stage, the lender will ask you questions about the documents you gave them and the information in your application form.

There may be a few more questions as the process runs its course and goes through the underwriting process.

After the underwriting process, you will be informed that you are approved for the loan!