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What is involved in a loan application? One of the most stressful parts of buying a home, especially for a first-time buyer, is the loan application. Ask your lender or your real estate agent for a form which you can then fill out at home. This is easier than doing it at the lender's office--because all the account numbers and addresses you need are available.
With the application filled out, your interview with the loan officer will consist mainly of discussing the different types of loans that are available, and which loan will best serve your needs. He or she will work the numbers to tell you how much loan you qualify for and what your payment and closing costs will be. You will sign an authorization form so the lender can verify bank balances and employment. You will also write a check to cover the cost of an appraisal and a credit report--about $350. Many buyers prefer to do all this before they begin house hunting in order to save time once they find their dream home.
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