Just how to get ready for the mortgage Application Process The loan approval process takes some time, therefore prepare because early as possible to assist guarantee the funds are authorized and available when you really need them. If you’re considering trying to get that loan, think about these five concerns: 1. What’s the goal of My Loan? Whether it’s a home mortgage, auto loan, or personal loan, the first step is to clarify the purpose and amount of the loan needed, time constraints around getting your loan approved and having the monies available, as well as the flexibility you need for repayment before you apply for a loan. A personal loanmay require more information about any collateral you’ll need to use before your banker can guide you through the process while home equity and auto loans have specific purposes. 2. Can we pay the loan straight back? Think about your budget that is monthly and when trying to determine if you want a loan. The month-to-month loan payment needs to easily fit into your allowance but still allow space for incorporating funds to your emergency cost savings and attaining your other short- and long-lasting objectives.