The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
No doubt, a lot involved in oder to get a mortgage. You wouldn't be here on our website if you could fill out a simple loan app and get the best loan funded in one day. We do most of 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 milestones.
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. 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: complete a pre-qualification
This step is where Not Your Average Lender will begin saving you money. You will give us info about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. When we review all this info we will give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your date to close. Because you won't need to worry with this coordination, you get to concentrate on moving, paint colors, new carpet, and all the details of getting a new house.
You've answered some few questions, given us lots of information, applied , and before you know it, you are deciding when to move in! Not Your Average Lender is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Not Your Average Lender at 9722039033. We answer questions about the loan process every day.