The Loan Process

There are a few steps about the process of loans and what you should expect:

  • Pre-Qualification: This is where the loan guy will estimate about how much the loaner will get by what he knows.
  • Application: This is where everything is filled out on paper.
  • Processing the application: This is where the guy who processes the application looks everything over.
  • Underwriting: This is where the loan amount can be determined after reviewing the application and credit check.
  • Pre-Closing: This is where everything is determined about the loan and is ready for the closing of the loan
  • Closing: This is where the loaner will find out if the loan is fully approved and how much the interest and everything will be.

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