The Loan Process: an Overview
There is little question that getting a mortgage loan is a complicated process. You wouldn't be visiting our website if it were possible to fill out a simple loan app and get an excellent loan check cut in one day. 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 obtaining a mortgage loan.
Step one: Decide how much you can afford
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. 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: complete a pre-qualification
This is where the process really begins and Not Your Average Lender can really save you money. You will give us details about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we have reviewed this info we give you a letter of pre-qualification. 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 deciding on your new home, we're busy researching the loan program that's just right for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Because you will not have to worry about these details, you get to think about moving logistics, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! Not Your Average Lender is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Not Your Average Lender at 9722039033. We answer questions about the loan process every day.