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What is the process for applying for a home loan?
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The process for applying for a home loan typically consists of gathering documents such as bank statements, employment documents, proof of income, and credit scores; choosing a lender; completing a loan application; and submitting documentation to the lender. The lender will then perform a credit check, verify the documentation, and determine if the loan can be approved. Depending on the type of loan, an appraisal of the property may also be needed. If approved, the lender can provide an estimate of closing costs, the loan approval and other related documents.