The Mortgage Loan Process: an Overview

There's a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. 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 loan.

Step one: Decide how much you can afford

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: complete a pre-qualification

This is where the process really begins and Not Your Average Lender can really save you money. You will supply info about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). We'll review all this info and provide a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Since you don't need to worry with this coordination, you get to think about the move, paint colors, carpet, and the details involved in moving into your new home.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you're moving in! We do the legwork so you can spend your time finding your new home.

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