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

There's little question ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day by filling out a simple application. But Not Your Average Lender does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a loan involves four major steps.

Step one: Decide on your maximum loan amount

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. 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: complete a pre-qualification

This is where the process really begins and you save the most money. You will give us info about your current job, your assets, and residence history. You'll give us 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 reviewed your information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. Finally, we will order an appraisal of your new home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date of closing. Since you won't have to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and the fun parts of moving into your new home.

You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can spend your time finding your new home.

Have questions about the loan process? Call Not Your Average Lender at 9722039033. We answer questions about the loan process every day.