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Step 3: Obtain Loan Approval  
   
Once the loan is received (documents and application),
 
the process is quickly set in motion:
 
We verify:
   
1.
Credit History;
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2.
Employment History;
   
3.
Assets, including bank accounts, investment and retirement accounts;
   
4.
Property value (through an appraisal).
   
*Additional documents may be necessary, based upon your specific situation. If we ask for additional documents, it is critical that you respond quickly. This is very important in purchases where there is a specified closing date and in refinances where there is a lock expiration date with your interest rate.
 
 
Things to remember:
   
1.
Do not make any major purchases during the loan process. This includes, but is not limited to, a car, furniture, a boat, another house, or any other item that will cause your debts to increase. This may have an adverse effect on your current application.
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2.
Do not move money into your existing bank accounts, unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.
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3.
Do not plan to go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney to authorize another individual to sign on your behalf for this transaction.
 
 
 
© Copyright 2006 AllGood Mortgage Corporation