How the Mortgage Loan Process Works
There can be no doubt ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day by filling out 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 primary steps involved in getting 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 rubber meets the road and Greystone Loans, Inc. can really save you money. You will provide info about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your agent should 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 picking out your new home, we are researching the best loan for you.
Step three: apply for your loan
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your date of closing. Because you won't have to coordinate this process, you can think about the move, painting, carpet, and the details involved in moving into your new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.