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How the Mortgage Loan Process Works

No doubt, quite a lot involved in oder to get a mortgage loan. You wouldn't be visiting our website if you could complete a one-page application and receive an excellent loan check cut the same day. 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 loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: complete a pre-qualification

This is where Greystone Loans, Inc. will begin to save you money. You will supply info on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your real estate agent, we find the best program for you.

Step three: apply for your loan

After you've signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. 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 of the sale. We'll coordinate with this company to ensure the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your closing date. Since you don't have to coordinate this process, you get to think about moving, painting, carpet, and the fun parts of getting a new home.

You've answered a few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! Greystone Loans, Inc. is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?

Have questions about the loan process? Call Greystone Loans, Inc. at (909) 467-1090. It's our job to answer lending questions, so we're happy to help!

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