The Four Steps of the Mortgage Loan Process
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Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be visiting our site if you could complete a one-page loan app and get the best loan check cut in one 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: Decide on your maximum loan amount
This is a function of a couple things. 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? You can get a good idea of your preferred payment amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply info about your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We'll review all this information and will provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply any time 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 sellers will work together to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are available, and you will probably sign everything at this company's office. We will work with this company on your closing date. Since you will not need to worry with this coordination, you can think about the move, painting, carpet, and the details involved in moving into your new house.
After you have answered some few questions, given us lots of information, and applied online, you'll be ready to move sooner than you think! We do the mortgage legwork so you can focus on finding your new home.