What should you expect when applying for a mortgage loan?

 Locate important documents: Do an inventory before applying to see if you know where all of you important documents are ie. tax returns, 2 months of bank statements (no NSF’s), pay stubs, W2s, 1099s, etc. Also, run a self-credit check; most require at least a 640 score. They will also check to see if you have any recent foreclosures, short sales, bankruptcy or repossessions. 
Overachieve: Be prepared and proactive! The lender you are working with will provide you with a list of documents to turn in, try to submit as much information upfront as possible. If your application is complete, your lender may be able to get your loan directly to underwriting for a pre-approval rather than the initial pre-qualification. 
Anticipate the questions: Questions from a lender is not uncommon. In fact, it is actually a good sign that the lender is working on your file. Lenders will want to know where money is coming from as well as explanations for anything that may seem out of the ordinary. Your lender may ask you to prepare an explanation for any items that don’t line up. 
Need a team: As soon as you have your pre-approval, share it with your Real Estate Professional at Regal Homes so you can begin the process of finding the right home for you. 

Some other thoughts: Most lenders will be able to get back to you within 24-48 hours, but keep in mind that lenders tend to get busy closing loans near the end of the month. The more together your documents are, the quicker your loan will be able to get processed. Do your part and let your lender to theirs.