An Overview of the Mortgage Loan Process
There's quite a lot to do when you get a mortgage loan. You would not be looking up loan information if you could 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 mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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 Greystone Loans, Inc. can really save you money. You will supply details about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply for your loan
Once you have made an offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company on your closing date. Because you don't have to worry with this coordination, you get to think about moving, painting, carpet, and all the details of getting a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! We take care of the loan details so you can focus on finding the new home that's right for you.