The Mortgage Loan Process: an Overview
There's quite a lot to do in oder to get a mortgage. You wouldn't be here on our website if you could fill out a simple loan app and get an excellent loan check cut in one day. But Not Your Average Lender does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
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? 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply info about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Your agent should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date to close. Because you will not have to worry with this coordination, you can think about moving logistics, paint colors, carpet, and all the details of moving into your new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Not Your Average Lender is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Not Your Average Lender at 9722039033. It's our job to answer lending questions, so we're happy to help!