The Loan Process: an Overview

There can be no doubt that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if you could get a loan in one day by filling out a simple application. We do 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 milestones.

Step one: Decide how much you can afford

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 rubber meets the road and you save the most money. You will supply information on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on the home that's right for you, we are finding the best loan program for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Since you don't have to worry about these details, you get to concentrate on the move, if you're going to repaint, carpet, and the details involved in getting your new house.

You've answered a few questions, given us lots of information, applied , and before you know it, you're deciding when to move in! We take care of the loan details 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. We answer questions about the loan process every day.