The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. But Greystone Loans, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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 Greystone Loans, Inc. can really save you money. You will supply details about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will review all this info then provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new home with your real estate agent, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your date of closing. Because you don't need to worry with this coordination, you can concentrate on moving, paint colors, new carpet, and the fun parts of getting a new house.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! We take care of the loan details so you can focus on 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.