All of us are well aware of the term, home finance loans. For the very few who really do not know the meaning of this term, then here it is- it is the loan which is taken or availed of to provide funds for the purchase of a home. A home finance can be availed of by a single applicant or jointly by 2 or even a group of individuals.The basics are all clear now, and it sure looks very clear and straight forward to us. But it is only when we really are in need of a home loan, and we practically approach the authorities for a home finance loan, that we begin to realize how terribly stressful and tough it is to go through the entire loan application process and to finally get the finance cleared too. Due to the down play of the mortgage segment in the precedent numerous years, the procedure of the home loan underwriting has undeniably undergone a sea of transformation.In the past the necessity for the home finance loans, used to be Stated Income, which was not a factual expression of one’s earnings. But now the prerequisite has altered from Stated Income to Full Documentation. But this long drawn documentation feature has indeed reduced the number of prospective home buyers. But after all no one can afford to exist without a dwelling of their own, and this is precisely the reason why the home finance loans continue to be applied for and disbursed too.There are a bunch of erstwhile factors too, which are caught up in the entire home finance loan procedure. A lot of home loan officers are now strained to carry out the part of a sly detective too. This is unquestionably a fine thing, for the reason that the total undercover procedure is aimed at lessening and elimination of any likely fraud. But that in addition means that you will be put through more exhaustive and minute examination, prior to realizing the dream of owning a house. Regardless of the state of affairs, you can certainly save your self a whole lot of trouble, if you can get the ensuing preparations finished, so that you are prepared to face the examination and dissection of the home finance laws and rules.