How the Mortgage Loan Process Works
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There can be no question that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. But MortgageCompanyName does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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 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: pre-qualify for your loan
This step is where MortgageCompanyName will begin to save you money. You will give us info on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We will go over all this information then provide a pre-qualification letter. Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan that's right for you.
Once you have made the offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/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 need are available, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date to close. Since you won't have to coordinate this process, you get to think about the move, paint colors, new carpet, and the fun parts of getting your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving! MortgageCompanyName is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call MortgageCompanyName at (208) 788-8800. We answer questions about the loan process every day.