The Loan Process: an Overview
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major steps.
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? 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. 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 rubber meets the road and you save the most money. You will give us info about your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new house with your REALTOR™, we find the best program for you.
After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Because you won't need to worry with this coordination, you get to think about moving, if you're going to repaint, new carpet, and all the details of getting a new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! Not Your Average Lender is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
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!