The Four Steps of the Loan Process:The Loan Process: Four Steps
There's little doubt ; getting a mortgage is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. 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 home loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? 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 Not Your Average Lender can begin saving you money. You will supply details about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've reviewed your 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 picking out the home that's right for you, we are finding the loan that best fits your needs.
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Because you don't need to worry with this coordination, you can think about moving logistics, if you're going to repaint, carpet, and the details involved in moving into a new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving! We take care of the loan details so you can spend your time 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.