The Four Steps of the Mortgage Loan Process: The Loan Process: Four Steps
There can be no question; getting a mortgage is a complex process. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. 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 important steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple of things. What kind of monthly payment are you looking for? 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. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will supply details about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualification letter. Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's office do all the work to work with the title company to set your closing date. Since you don't need to coordinate this process, you get to think about moving logistics, painting, new carpet, and the details involved in moving into your new home.
Have questions about the loan process? Schedule a call with a loan officer