The Loan Process: an Overview
No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be here on our website if you could complete a simple mortgage application and get a great loan funded the same day. 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 milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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 step is where Not Your Average Lender can start saving you money. You will supply info on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are finding the loan that best fits your needs.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your closing date. Because you don't have to worry about these details, you can think about moving logistics, painting, new carpet, and the fun parts of getting your new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Not Your Average Lender at 9722039033. We answer questions about the loan process every day.