How the Mortgage Loan Process Works
There's little doubt that getting a mortgage is a complex process. You would not be researching mortgage loans if you could get a 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.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 the process really begins and you save the most 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 get your permission to run your credit score and report. When we review this info we provide a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your agent, we find the best program for you.
Once you have made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you won't have to worry about these details, you can concentrate on moving logistics, paint colors, new carpet, and the details involved in getting your new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! Greystone Loans, Inc. is in the business of loans; you're not — so take care of the details. Doesn't that make sense?
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!