The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, a lot involved in oder to get a mortgage loan. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out 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 important steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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 rubber meets the road and you save the most money. You will supply details about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. When we review this information we provide a letter of pre-qualification. 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 deciding on the home that's right for you, we are researching the best loan program for you.
After you've signed the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate 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 will require are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Because you won't need to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! T.J. Cullen LO NMLS#: 145102 is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call T.J. Cullen LO NMLS#: 145102 at 8433007558. We answer questions about the loan process every day.