Home loan approval process

Refinancing or remodeling your home. Buying a cabin in the woods or a bungalow on the beach. Taking your dream vacation, paying for college or buying your own business. At Ameriprise Financial, we offer home loans to help you enjoy life to the fullest, achieve your goals and realize your dreams.

Our step-by-step loan approval process is fast and easy

1. Receive preapproval

Preapproval will be based on an initial review of your finances, such as income, job history, credit history and other credit factors. We might request:

• Last 2 years' tax returns
• Recent pay stubs
• Latest statements for credit cards and outstanding loans

You'll receive a quick answer – a preapproval, counteroffer (possibly a different product and/or interest rate), or a denial.

If you're house-shopping, a preapproval letter tells the seller you already qualify for a loan – a definite advantage when they're considering your bid.

2. Submit property information

After finding a home or deciding to refinance, you'll submit the property address to start the process for the appraisal, title report and other required inspections.

3. Allow for loan processing

During this stage, a loan processor collects supporting documents to verify the property value and make sure the property title is clear. All documents will be reviewed for final approval.

4. Close the loan

When the final approval is issued, your real estate agent and a loan specialist will work together to schedule a convenient closing time with you.

At closing, you will receive and sign a Settlement Statement (HUD-1 Statement) that discloses:

• Detailed closing costs charged to you or paid on your behalf
• The Mortgage or Deed of Trust
• Other required documents

After the documents are signed, the closing agent will record the Mortgage or Deed of Trust with the county recorder and will issue a Title Insurance Policy.