The Mortgage Loan Process: an Overview
There can be little question that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a simple application and get a great loan funded the same day. 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 main steps involved in obtaining 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? 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. 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: complete a pre-qualification
This is where Not Your Average Lender will start to save you money. You will give us details on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan that's right for your situation.
Step three: apply now! We make it easy
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 apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date to close. Because you won't have to coordinate this process, you get to think about moving logistics, painting, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! Not Your Average Lender is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Not Your Average Lender at 9722039033. Not Your Average Lender answers loan process questions every day.