The Process Of A House Loan Approval In Illinois
Are you looking for a personal loan from any financial institution in Illinois? Well, it’s always prudent to read up on the process of applying and getting approved for a loan. So, here is a detailed summary of the loan approval process in the state.
Here, the financial institution will take all the necessary steps to obtain the required documents for the loan application. To save time, speak with a Loan Officer or Mortgage Banker who will provide a list of documents needed, pull the credit and review the credit with you. Some of the documents include one month’s pay stubs, 2 year’s income tax returns, bank statements and much more.
Providing the needed documents within 24-48 hours after speaking with the Loan Officer will start the application.
Once the documents are received, the institution will proceed to check any issues that might arise from the application. If any extra items are required besides the documentation that’s already there, then you will be contacted directly by the Loan Officer. On the other hand, if all the required documents are present, the status of the application will be communicated to the applicant either weekly or daily depending on the preferences.
If all the necessary documents are present, the loan officer in charge of your application will review all the current programs. That way, she can guarantee that the client is getting the best rates and terms available. The loan package will then be put together accordingly and submitted for approval to the underwriter. Note that, the process might take a while especially if you have to be called repeatedly because of missing documents.
Next, the conditional approval process might take a few weeks, especially when there an appraisal is needed. Here, the relevant parties are notified of the loan approval and any necessary conditions that should be received are done before the loan process is closed official. The Clear to Close approval marks the beginning of the closing process.
All the necessary documents are forwarded to the relevant parties once the closing process begins. Once all the relevant individuals have signed the loan documents, they are forwarded to the lender for reviewing. If they are in the proper order, a check will be issued for the loan.
Choosing The Right Loan Lending Institution In Illinois
Now that you know the loan approval process, you should take the time to find the right institution in Illinois to apply for a personal loan. Most people prefer using mortgage bankers/brokers who understand the various offers and institutions currently present in the state. However, if you would rather go through all the institutions on your own, you can always find the necessary information online.
Keep in mind that there are many things you need to look into before choosing a financial institution to apply for a loan. These include the interest on the loan and the repayment method. If not sure, always work with a mortgage banker/broker for the best results. Also keep in mind that the local bank will not “keep” your loan since almost all mortgages are owned by Fannie Mae, Freddie Mac, FHA, and VA. The bank you will make your mortgage payment to will only “service” the loan.If your looking for a mortgage in St. Charles, Oakbrook, Hinsdale, Skokie, Chicago, or any towns in DuPage County or Cook County ,contacts us Today.