The application process

The application process will ask for the property information of the home the consumer wants to buy or build, such as what type of property it is and the name under which the title will be held. The individual will also have to note how they will pay for the down payment. Other types of information needed for a home loan application can depend on the bank or lender, so it is important to be prepared for anything. Fees for home loan applications are nonrefundable and usually cost a few hundred dollars. These fees are used to process credit reports and appraisals. After completing the application process, the bank or lender will go over the information to make sure everything is filled out. This information will then go to the underwriting department, where it may take between one day and a few weeks to receive notice of approval or rejection.