The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot to do in oder to get a mortgage. You wouldn't be looking up loan information if it were possible to get a mortgage 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.
There are four primary steps involved in getting a mortgage loan.
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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 rubber meets the road and you save the most money. You will provide info about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will review this info then provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply for your loan
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your date of closing. Since you don't need to coordinate this process, you get to think about moving logistics, paint colors, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! MS Investment Mortgage Company is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?