Home Loan Process
Getting Credit Approved
Credit approval (or pre-approval) is issued when the Loan Officer obtains an approval for you based on your income and credit. Final approval includes the approval of your property as well.
In many cases your Loan Officer will be able to credit approve your loan (or pre-approve you if you are looking to purchase a home and don't yet have a property) right at the time of application. In either case we will consider your qualifications for the loan, but approve the property. With a credit approval we will order the appraisal, title report and other property documentation as a next step, in the case of a pre-approval that will need to wait until you have a fully executed purchase and sales agreement.
Occasionally, your loan may need to be reviewed by underwriting prior to approval. We may need to request more specific details about the property or your financial information. Your Loan Officer will work with you to keep you informed, and work with you to get any additional documents, if necessary.
Locking Your Loan Rate
Mortgage loan interest rates change almost every day, sometimes throughout the day. Whether you submit an application via the web, telephone, by mail or in person, you will need to speak with your HomeStreet Bank Loan Officer to lock in your loan's rate.
