How the Loan Process Works
Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our website if you could complete a one-page loan app and get a great loan check cut in one 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 how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 Greystone Loans, Inc. can start to save you money. You will provide information about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). We'll review all this information then will provide a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! 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 shopping for a new home with your agent, we find the best program for you.
Once you have made an 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 from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate 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 all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe work with with this company to set your closing date. Since you won't have to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you're deciding when to move in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Greystone Loans, Inc. at 9094671090. Greystone Loans, Inc. answers loan process questions every day.