The Loan Process: an Overview
There can be little question ; getting a mortgage loan is a complex process. You wouldn't be visiting our website if you could fill out a one-page loan app and get a great loan check cut 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.
There are four main 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? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply details on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Handle it with care — 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 looking for your new home with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your date of closing. Because you don't need to worry about these details, you get to concentrate on the move, if you're going to repaint, carpet, and the fun parts of getting a new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! We do the legwork so you can spend your time finding your new home.
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!