The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be little question ; getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in a single 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.
There are four main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 Greystone Loans, Inc. can start to save you money. You will supply info on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed your 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.
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your closing date. Because you will not need to worry with this coordination, you get to concentrate on the move, painting, carpet, and the details involved in getting a new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! 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 9094671090. It's our job to answer lending questions, so we're happy to help!