The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, a lot to do in oder to get a mortgage. You wouldn't be here on our site if you could fill out a one-page loan app and get the best loan check cut in one day. 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.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us information about your current job, assets, and 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 reviewed the provided information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home with your agent, we find the best program for you.
Step three: apply for your loan
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date of closing. Because you don't have to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and the fun parts of getting your new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are moving in! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.