What steps need to be taken to secure a loan?

The first step in securing a loan is to complete a loan application. To do so, you'll need the following information:

  • Pay stubs for the past 2-3 months
  • W-2 forms for the past 2 years
  • Information on long-term debts
  • Recent bank statements
  • Tax returns for the past 2 years
  • Proof of any other income
  • Address and description of the property you wish to buy
  • Sales contract

During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase. The application process typically takes between 1- 6 weeks.