You’ve found the right home. Now it’s time to complete your loan application.
You’ve already prequalified or have received a conditional approval. Completing the application process is easy.
Your Loan Application
1. Complete your loan application.
You should plan to submit your application at least 60 to 90 days before you’d like to move in to your new home. If you have been conditionally approved, you can activate your loan by making a phone call to your Mortgage Banker and providing a copy of your purchase agreement.
2. Submit any additional documentation.
Provide any additional documentation needed to complete the review of your application. Submit updated pay stubs, bank statements and other proof of income, plus asset and employment documents that may have expired if 30 days have past.
3. Review the loan information.
You should receive a Good Faith Estimate and a Truth in Lending Statement. The Good Faith Estimate shows an itemized list of loan fees and estimated settlement charges. The Truth-in-Lending Statement helps you compare and understand the loan terms, including a full explanation of the rate and interest payments.
4. Lock in an interest rate
When you lock in your rate, you’re guaranteed to get that rate at closing, regardless of whether market rates are higher or lower at that time. You can decide to lock in anytime—from the day you choose your loan, up to five days before closing. Although if you wait, you run the risk that rates could go up.