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Typical Loan Application: What is On It? How Long Does It Take?

Typical Loan Application: What is On It? How Long Does It Take?

When it comes time to apply for Midland Mortgage conventional loans there will be a lot of things that you will need to provide to the lender and other interested parties. You will be asked a lot of questions and given a lot of paperwork to go along with the loan. It is easy to get lost in everything and forget what certain things mean along the way. Here are some simple, yet important, items on the loan application that you will not want to forget about.

Taking on the Loan Application

The loan application is the very first thing that you will have to fill out in order to apply for a loan. The loan company uses this basic information to begin to formulate the amount of the loan and what it will be used for. Here are some important part’s conventional loans.

Personal information section. In this section you will want to provide accurate information about yourself and any cosigner that may be on the loan with you. Make sure to use your full legal name so the lender knows who you are.

Loan amount. This part of the application is how much you are looking to borrow. Try to be as accurate as possible because this what will determine monthly payments. It is also the amount that will be used to determine eligibility. The lender will look at your debt to income ratio to see if the loan amount pushes you above the allowed threshold.
Social Security number. It is just fine to put your social security on the form. It is usually kept confidential. The lender will need this number to pull all the reports that are needed to make a decision for the loan. If you leave the field blank, it could hold up your application for day.
The signature lines. This is the line where you would sign your name. Without your signature the loan application will not be processed. It is the authorization the lender needs to access your personal information.

The process to approve and issue South Carolina conventional loans is usually 30 to 60 days. It depends on what information the lender needs from you and how fast you can get it to them. If you are looking for a new loan and have questions, then please contact us today. You can visit us on the web to schedule your service, or call us and talk with one of our loan professionals.

Posted Dec 05, 2019 by Midland Mortgage Corporation