How the Loan Process Works
There is little question that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out 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 important steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 is where the rubber meets the road and Not Your Average Lender can really save you money. You will supply info about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. We will go over all this information then provide 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 a new home with your REALTOR™, we find the best program for you.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Because you won't need to worry with this coordination, you get to think about moving, painting, carpet, and all the details of moving into a new home.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're moving in! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Not Your Average Lender at 9722039033. We answer questions about the loan process every day.