The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be no question ; getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day with 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.
Getting a home 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 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will supply info about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. When we review this information we provide a pre-qualification letter. Your agent 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 shopping for your new home, we are looking for the loan that best fits your needs.
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 couldn't get much easier; you can apply any time right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Because you don't have to coordinate this process, you get to concentrate on moving, if you're going to repaint, carpet, and the details involved in moving into a new home.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you are moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Ashok Lakshmanan at 630-717-3600. It's our job to answer lending questions, so we're happy to help!