Application Review
At the application, the lender will ask you some basic financial questions about your current income, debts and assets available for investment in your new home. The lender will review your credit report, along with any verification needed from your bank, landlord or employer. After the initial approval, the lender will order an appraisal of the property to make sure it’s worth the mortgage amount (since it will serve as collateral for the loan), and a title search to identify potential ownership questions.
When this documentation is complete, you'll receive notification of a loan decision, and, if approved, a date will be set for settlement.
Approval Process
If you use , the information you submit will be joined electronically with a credit report and submitted through ’s automated underwriting system, which automatically determines whether your application meets the requirements for approval.
Loan Denied
Lenders have 30 days from the application date to explain in writing why you were denied a loan. If you were denied because of credit, you are entitled to a free copy of your credit report. If there are any errors, you may challenge them. Some lenders have a second level of review. You also have the right to apply at another institution. This does not guarantee success; you may need to correct problem credit.
Contact Information
Az welcomes your comments regarding this Loan Process,
please contact us by e-mail, or postal mail.
5111 North Scottsdale Road
Suite 151
Scottsdale Arizona 85250
1-480-947-2221
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