The Mortgage Loan Process: an Overview
There's no doubt that getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to fill out a one-page application and receive the best loan check cut the same 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 mortgage loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? 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 step is where Greystone Loans, Inc. can start to save you money. You will supply information about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We will go over all this information and will provide a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your REALTOR™, we find the best program for you.
Step three: apply for your loan
After you've signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we'll order an 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 of the sale. We'll work with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Because you will not need to worry about these details, you get to concentrate on moving, painting, 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! We take care of the loan details so you can spend your time finding the new home that's right for you.