The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if you could get a loan in a single day with a simple application. We do most of 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: determine how much you can borrow
This is a function of a couple things. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide details on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy researching the loan program that's right for you.
Step three: apply for your loan
Once you have signed the offer and the sellers accept it, you should apply for the loan. Applying for your loan could not get much easier; you can apply 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 REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your date to close. Because you don't need to worry with this coordination, you can think about moving, paint colors, new carpet, and all the details of getting your new house.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can focus on finding the new home that's right for you.