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The Mortgage Loan Process: an Overview

There can be little doubt that getting a mortgage is a complicated process. You would not be looking up loan information if you could get a loan in one day with a simple application. We do most of 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 on your maximum loan amount

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? 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: pre-qualify for your loan

This is where the process really begins and Greystone Loans, Inc. can really save you money. You will supply information about your current job, your assets, and residence history. You'll supply 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 give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you have made the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our website. At the end of this step, we will order an appraisal of your new home.

Step four: your loan is funded

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 make sure the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your closing date. Because you will not need to coordinate this process, you get to concentrate on moving logistics, painting, new carpet, and the fun parts of moving into your new home.

You've answered a few questions, given us lots of information, applied , and before you know it, you are moving in! We take care of the loan details so you can spend your time finding your new home.

Have questions about the loan process? Call Greystone Loans, Inc. at (909) 467-1090. Greystone Loans, Inc. answers loan process questions every day.

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