How The Loan Process Works

The home loan process can seem overwhelming, but with Countrywide the home loan process is fairly simple. If you're looking for a home loan - whether for purchase, refinance or to access home equity - there are 5 basic steps involved.

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1 Overview of the Countrywide Home Loan Process

Five Basic Steps of the Home Loan Process

1 - Find out how much you can borrow

A loan prequalification or even better a loan pre-approval is critical to the loan process and allows you to receive an estimate of your borrowing power.

2 - Choose the most comfortable loan

In consultation with your home loan advisor, educate yourself on which loan product and program best fits your home financing needs and home ownership goals.

3 - Complete application paperwork

Your attention to detail is needed here to ensure that all information reflected on the loan application is accurate and that all supporting documentation is gathered and timely submitted with the completed loan application.

4 - Loan processing

This phase of the loan process covers all the steps the lender takes once they have received your completed paperwork:

• Application review and verification of information
• Appraisal of the home's value
• Underwriting - The process of evaluating a loan application to determine the risk involved for the lender and involves an analysis of the borrower's creditworthiness and the quality of the property itself
• Clearing conditions of the loan, assuming the loan process has produced an approval

5 - Closing, or settlement, of the loan process

This can be done in person or using a 3rd party escrow service, depending on local loan process customs. If everything proceeds according to agreement, you'll be signing lots of papers, exchanging lots of money and walking away as the new owner of your home!

2 Ready to Start the Home Loan Process?

Call Countrywide Home Loans and talk to one of our experienced home loan advisors. Our loan advisors are ready to help you navigate the home loan process and answer your questions. Call us today at 1-866-436-0620 for a free consultation and to see if you qualify.

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Legal Disclaimer: The Cyberhomes™ property valuation results from the use of some and/or all of the following: automated valuation technology, statistical modeling, public records data (as available from time to time) and human logic combined to provide a rational estimate of the possible selling price of a residential property. This valuation is and does not constitute an appraisal. This valuation contains no representations or warranties regarding a property's marketability, functional or economic obsolescence, environmental damage, compliance with existing building and safety codes and regulations, or flood insurance determination. This valuation does not warrant the accuracy or completeness of any public record information or data sources used to help determine this valuation.

THE VALUATIONS ARE PROVIDED "AS IS" AND COUNTRYWIDE FINANCIAL CORPORATION AND/OR ITS AFFILIATES (COLLECTIVELY 'COUNTRYWIDE') MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, WITH RESPECT TO THEIR ACCURACY, COMPLETENESS, OR CURRENTNESS, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT.

This property valuation tool is provided by Fidelity National Financial, Inc. Fidelity National Financial is not affiliated with Countrywide Financial Corporation ('Countrywide') or any of its affiliates. Countrywide makes no guarantees or warranties regarding this property valuation tool and is not responsible for the accuracy of any of the data provided. In processing applications for and making decisions regarding home loan financing, Countrywide determines the value of a property using data and valuation tools that Countywide considers appropriate for its underwriting criteria and internal decision making (collectively referred to as 'processes') and such processes may reach a different valuation than that provided by using this tool. Countrywide is not bound by or in any way obligated to accept, use or refer to the valuation and data provided by this tool in conjunction with any loan application or request for home financing.