How the Loan Process Works
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple loan application and get the best 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 mortgage loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification
This is where Not Your Average Lender will begin saving you money. You will provide details on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll review this information then will provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your real estate agent, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Since you don't need to worry about these details, you can concentrate on the move, painting, new carpet, and the fun parts of getting a new home.
You've answered a few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! We do the legwork so you can focus on 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.