About the Mortgage Loan Process
No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us information on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date to close. Because you don't have to coordinate this process, you can think about the move, painting, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call The Mortgage House at 9037471800. We answer questions about the loan process every day.