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loan approval checklist

1. Pre-Application Preparation

Gather necessary financial documents

Review credit report for accuracy

Determine loan amount needed

Calculate debt-to-income ratio

2. Application Submission

Complete loan application form

Provide proof of income (pay stubs, W-2s, tax returns)

Submit identification (driver’s license, passport)

Include employment verification letter

3. Documentation Requirements

Bank statements for the last 2-3 months

Asset documentation (investment accounts, property deeds)

Gift letter if applicable for down payment

Any additional documents requested by lender

4. Loan Processing

Lender assigns a loan officer

Underwriter reviews application and documents

Appraisal ordered for property value assessment

Title search conducted for property ownership verification

5. Loan Approval Decision

Receive conditional approval or denial from lender

Address any conditions or additional requests from underwriter

Provide any required clarifications or documentation

6. Closing Process

Review closing disclosure statement

Schedule closing date with lender and title company

Sign final loan documents

Fund the loan and transfer ownership

7. Post-Closing Follow-Up

Confirm loan terms and payment schedule

Set up automatic payments if desired

Keep all loan documents in a safe place

Monitor credit report for any changes post-closing

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