How the Mortgage Loan Process Works
There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could complete a simple mortgage application and get an excellent 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.
Step One: Determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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 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 rubber meets the road and you save the most money. You will provide info about your employment, assets, and your residence history. You'll supply 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 the provided information, we'll give you a pre-qualification 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. The pre-qual letter gives you buying clout! While you're looking for a new home with your agent, we find the best program for you.
Step Three: Apply now! We make it easy
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. At the end of this step, we will order the appraisal of your new home.
Step Four: Funding
Your real estate agent and the sellers will coordinate to find a title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will need are available, and you'll likely sign everything at this company's office. We will coordinate with the title company to set your closing date. Because you won't need to worry about these details, you get to concentrate on moving, if you're going to repaint, carpet, and the details involved in getting your new house.
Once you've answered a few questions, given us lots of information, and applied, you'll be moving in before you know it! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.