So You’ve Been Approved For A Home Loan, Now What?

You’re ready to buy a home and who’ve been to a lender who has said you’re

approved for a loan, so now what?

The first thing to remember is most lenders have made this approval based on the

information you provided on your loan application and (in most cases) based on a

credit report.

However, that doesn’t always mean the loan will actually be approved.  So, here’s

what you need to know so the lender can actually approve the loan.

The loan officer will provide you some disclosures that need to be signed.  Due to

some laws, the loan company cannot start the process until the disclosures have

been signed.

The loan officer will provide you a list of documents needed, if you didn’t provide

these documents at the original loan application.  These documents can include

bank statements, pay stubs, and tax returns.  The lender needs to verify all of the

information on your application.

Don’t think you can create fake documents either.  The lender has several cross-

checks to ensure the documents are legitimate.  Such as does your paystubs match

your deposit? Are the tax returns you submitted the same tax returns you filed with

the IRS?

Unfortunately, due to fraud, no longer can the lender rely on the validity of just the

document you submitted and have implemented cross-checking the documents

from a variety of sources.

Not only do the documents provided need to be verified, there are several things

you should and should not do once you’ve made loan application.

Things to do are

– Stay current on existing accounts.

– Do provide the lender all requested documents as quickly as possible.

Things not to do:

– Don’t apply for new credit of any kind.

– Don’t close credit cards accounts (unless advised by the lender to do so)

– Don’t add charges to credit cards.

– Don’t change bank accounts.

– Don’t make large deposits to your bank accounts without first checking with your loan officer.

– Don’t overdraft your bank account.

– Don’t quit your job.

– Don’t spend the money needed for closing.

If you’ll heed my advice and follow this instruction, then once the loan officer has

said “you’re approved”, you can count on that final approval in the end.

We’ll be happy to introduce you to experienced lenders who will help you finance

your next home.  Call us at 405-209-8597 or email at

About Charlotte Greganti

I'm a licensed Broker/Associate. in Oklahoma. We have been in real estate for since 1996 and specialize in residential sales in the Greater Oklahoma City Metro Area. We love to help people find the perfect home for them! I also own a real estate school in Oklahoma City.
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