The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be visiting our site if you could fill out a one-page mortgage application and get the best loan funded in one day. 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: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 process really begins and The Mortgage Advisors LLC can really save you money. You will supply information about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. When we review all this information we will give you a pre-qualification letter. 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 deciding on the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find a title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your closing date. Because you don't need to coordinate this process, you can think about moving, if you're going to repaint, carpet, and the details involved in moving into your new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! The Mortgage Advisors LLC is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call The Mortgage Advisors LLC at 303.979.1822. The Mortgage Advisors LLC answers loan process questions every day.