About the Loan Process
Make no mistake, there's quite a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a mortgage 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.
There are four primary steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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: pre-qualify for your loan
This is where the rubber meets the road and Not Your Average Lender can really save you money. You will give us info on your employment, your assets, and residence history. You'll give us 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. Be careful with this letter — it is a useful tool for buying your new home! 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 deciding on the home that's right for you, we're busy finding the loan that's right for your unique situation.
After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and 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 decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date of closing. Since you will not have to worry with this coordination, you can think about moving, paint colors, carpet, and all the details of moving into a new home.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! We take care of the mortgage legwork so you can focus on 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.