The Home Loan Process

Applying for a Mortgage

Now that you have chosen your mortgage lender, you are ready to begin the application process. You will want to do this before you begin shopping for your home.

Applying for a mortgage can be an intimidating process for the first–time homebuyer. The application process can be made easier if you know what to expect. Your lender will ask you for documentation confirming your identity, assets and liabilities. A credit report will also be ordered to further confirm the information you provided and to evaluate how responsibly you repay your debts.

HomeStreet Bank's Affinity Lending Center has access to an automated underwriting system that can pre–approve you for a loan within minutes. Your loan officer will enter the determining factors into the system and tell you how much you will qualify for. Some loan programs require an underwriter to review an application but a decision can usually be made within 72 hours.

After your loan has been underwritten and you have been pre–approved, you will receive a letter from your loan officer stating the amount you have been approved for and the loan type. This approval letter makes sellers to feel more comfortable in moving forward with the transaction because they know you qualify for a home within a certain price range and that you are a serious buyer.

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