To check a housing loan, review credit reports for accuracy, confirm loan terms with the lender, verify income documentation, and consult a mortgage broker or attorney. Start by obtaining free credit reports from to identify errors that could affect approval. Compare loan estimates from multiple lenders to ensure competitive rates and fees. Provide recent pay stubs, tax returns, and W-2 forms to confirm income stability. Use tools like the U.S. Department of Housing and Urban Development’s (HUD) loan calculator to estimate monthly payments.

This process ensures transparency and prevents costly mistakes. According to the Consumer Financial Protection Bureau (CFPB), 20% of consumers discovered errors in their credit reports before applying for a mortgage in 2022, which could lead to delayed approvals or higher interest rates. Additionally, the Urban Institute’s 2023 study found that 35% of homeowners who reviewed multiple loan offers saved an average of $150 monthly on mortgage payments. Verifying income documentation is critical, as the Federal Housing Administration (FHA) requires borrowers to have a debt-to-income ratio below 43% for approval. The U.S. Housing and Urban Development (HUD) reports that 28% of loan applications are denied due to income discrepancies or incomplete documentation. Consulting professionals, such as licensed mortgage brokers, can help navigate complex requirements and ensure compliance with federal regulations like the Truth in Lending Act (TILA). This systematic approach minimizes risks and maximizes borrowing potential.