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.