About the Loan Process
No doubt, quite a lot involved when you get a mortgage. You wouldn't be here on our site if you could fill out a one-page mortgage application and get an excellent loan funded in one day. 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 how much you can afford
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. 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 Not Your Average Lender can really save you money. You will give us details about your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll review this info then will give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are finding the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan could not get much easier; you can apply right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe work with with this company on your date to close. Since you won't have to coordinate this process, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into a new house.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are moving in! Not Your Average Lender is in the business of loans; you're not — so we take care of the details. 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.