Mortgage loans now
The typical home mortgage approval process follows the same order: prequalification, application, document review, appraisal, and approval. The lender will informally review your financial situation to determine whether and how much of a home mortgage loan you prequalify for. If the lender determines that you are a good candidate for a home mortgage loan, you then move on to the application stage, in which you decide which type of loan you want, complete a formal application, and lock in your interest rate. Next the lender will perform a review of underlying documentation such as your credit report and employment verification. When all is in order to lender satisfaction, it will hire a property appraiser to verify that the property value supports the purchase price.