The lender will verify your statements of assets, liabilities, employment, and salary. The subject property will be appraised. Usually about 20 to 30 days, although it can take as few as 10 days, or as long as 45 days for some transactions. The actual time depends upon how quickly the lender can process the application, get the appraisal, and obtain verification of employment and bank balances. If you are self-employed, you may need to supply financial statements or tax returns for your business.
Many lenders sell the loans to investors.
The standardized analysis of your application is required so that your loan will be acceptable to investors. Pay careful attention to your lender's request for information. Be sure you understand all the requests. If you have had credit problems, be prepared to explain exactly what happened, and why a lender should not be fearful of a reoccurrence. Closing cost are any fees paid by the buyer at the close of escrow.