The Loan Process: an Overview
There's no question ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if it were possible to get a loan in one day with a simple application. But Greystone Loans, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 process really begins and Greystone Loans, Inc. can really save you money. You will give us information about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy researching the loan that's just right for you.
Step three: apply for your loan
Once you have made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you will not need to worry about these details, you get to think about moving, painting, carpet, and the fun parts of getting your new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving! Greystone Loans, Inc. is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?