The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

There's no doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could fill out a one-page application and get the best 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.

Getting a mortgage loan involves four major steps.

Step one: determine how much you can borrow

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. 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: pre-qualify for your loan

This is where the process really begins and you save the most money. You will give us info about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your REALTOR® will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we are researching the best loan program for you.

Step three: apply now! We make it easy

After you've signed an 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 will order the professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your closing date. Since you won't have to worry with this coordination, you get to concentrate on moving logistics, painting, new carpet, and all the details of getting your new home.

You've answered some few questions, given us lots of information, applied , and before you know it, you're moving in! Greystone Loans, Inc. is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Greystone Loans, Inc. at 9094671090. It's our job to answer lending questions, so we're happy to help!