Home Loan Process - How We Begin Processing Your Application

To process a loan, we go through a series of steps. Being familiar with the process will help you to understand what happens on our side of the table. We want you to feel comfortable and secure about one of the greatest financial decisions you will ever make.

What Happens After I Submit My Home Loan Application?

After we receive your application, there are a number of steps we undertake in order to review and process your home loan application as quickly and efficiently as possible.

1. The first step is to review your application to make sure the information is complete and consistent. A Loan Consultant may contact you for additional information or clarification during this phase.
   (Note: Check out our Application Checklist to find out what information you will need to include with your application. This can help to speed up the approval process. Borrowers who opt for one of our reduced paperwork loans may only need to provide some of the documents listed.)
2. Next, we verify the information you provided and confirm that all necessary documents are included.
3. The underwriting process gets underway next, when we evaluate your loan information. Underwriting is a major step in the approval process because it evaluates your ability to make your loan payments comfortably.
4. Finally, we review an appraisal of the home you are buying or refinancing. The appraisal confirms whether the property's value is in line with the purchase price and loan amount.

Your Home Loan Consultant may also work with you to make sure you that you obtain homeowners' insurance for the property. To assist with budgeting for essential expenses like this, the consultant may set up an escrow account to collect funds for your homeowners' insurance premium and property taxes.

We'll Guide You Through The Home Loan Application Process

Throughout the application process, the staff at Countrywide Bank’s Full Spectrum Lending Division will provide you with important information about your home loan, so that you are kept informed during these important steps of the application process.