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Frequently Asked Questions

What information do you need to provide in a home loan application form?

Home loan application forms need to include all necessary information that permits lenders to decide whether or not to approve a loan. This includes: Borrowers’ information: The name, age, marital status, dependents, and social security numbers of any borrowers needs to be included on the form.

What is the process for applying for a home loan?

To apply for a home loan, you\’ll need to fill out an application with your mortgage lender and provide them with pay stubs, tax returns, bank statements, and other financial documents they request. Your lender will then decide whether or not you\’re eligible for a loan based on your income and debt-to-income ratio (among other things).

How long does the home loan application process take?

It usually takes between 3 to 5 days for your home loan application to progress through the queue, be picked up by a credit officer and then receive conditional approval. It will take longer if the information is missing, so this is why we take a little bit more time in Step #2 to make sure we have all the information up front.

What is the minimum credit score for a home loan?

Most mortgage loans require a credit score of 640 FICO or higher. There are lenders that will qualify borrowers with a minimum credit score of 620 FICO. Folks who are planning on purchasing a home and getting mortgage loans need to really be alert and wary of their credit scores. Too much credit balance on a credit card will drop scores.

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