How the Mortgage Loan Process Works
There's quite a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a loan in one day with a simple application. 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 primary steps involved in getting 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 the rubber meets the road and Not Your Average Lender can really save you money. You will provide information about your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. We will review all this info and give you a letter of pre-qualification. 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 shopping for a new home with your real estate agent, we find the best program for you.
Once you've made the offer and it's been 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 applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date to close. Since you don't have to worry with this coordination, you get to think about moving, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us detailed information, applied online, and before you know it, you're moving in! Not Your Average Lender is in the business of loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Not Your Average Lender at 9722039033. Not Your Average Lender answers loan process questions every day.