How the Loan Process Works
Make no mistake, there's a lot to do in oder to get a mortgage loan. You would not 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 main steps involved in getting a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. 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 step is where Professional Mortgage Solutions Inc. (237990) will begin saving you money. You will give us information on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. Your real estate agent will use your 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.
After you've made the offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your closing date. Because you won't need to worry with this coordination, you get to think about the move, paint colors, new carpet, and all the details of moving into your new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are moving in! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Professional Mortgage Solutions Inc. (237990) at 630-717-3600. It's our job to answer lending questions, so we're happy to help!