How the Mortgage Loan Process WorksMake no mistake, there's quite a lot to do in order to get a mortgage. You wouldn't be here on our website if you could complete a simple loan app and get an excellent loan check cut the same day. 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.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
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? 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will supply info about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! 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 shopping for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on 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 the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Because you don't have to coordinate this process, you get to think about moving, painting, new carpet, and all the details of moving into a new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of the loan details so you can focus on finding the new home that's right for you.