what does it take to get a mortgage loan

Many people who have gone through foreclosure wonder if they will ever able to buy a house again. While your credit will take a big hit after foreclosure, you might be able to get another mortgage after some time passes.The amount of time you have to wait before applying for a new mortgage loan depends on the type of lender and your financial circumstances.

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The first step in applying for a mortgage is to go through a preapproval application. This simply means that a loan officer at a bank or mortgage company will collect your personal information, such as name, address and social security number to perform a preliminary credit check to see if you meet the basic requirements for the loan you are seeking.

what is hud-1 Three days before the closing, consumers will get the new closing disclosure form that replaces the Truth-in-Lending and HUD-1 statements. “Getting the closing disclosure early will ensure that.

How long does it take to get a mortgage? The entire mortgage process has several parts, including getting pre-approved, getting the home appraised, and getting the actual loan.

How to Apply for a Mortgage | Home Loan Application Tips | First Time Homebuyer Tips How long it will take you to get mortgage approval depends on the lender you go with, the type of loan for which you apply and how long it takes you to provide all the paperwork the lender needs.

How long does it take to get a loan commitment, assuming a buyer has decent credit? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

Get up to 5 Offers at LendingTree.com to see how much you can afford. reader question: "My husband and I are planning to use an FHA loan buy our first home. We are trying to figure out the timing so that it coordinates with our current apartment lease, moving, etc. How long does it take to close.

Get up to 5 Offers at LendingTree.com to see how much you can afford. At a glance: Mortgage underwriting is a detailed process that usually takes a few days. In some cases, however, it can take as long as several weeks. Five to eight business days is a reasonable average. The timeline varies because.