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The Loan Process: an Overview

No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a simple loan app and get a great loan funded the same day. 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.

There are four main steps involved in getting 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 the process really begins and you save the most money. You will supply information about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Because you will not have to worry about these details, you can concentrate on moving logistics, painting, carpet, and all the details of getting a new house.

You've answered some few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! We take care of the mortgage legwork so you can focus on finding your new home.

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

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