How the Mortgage Loan Process Works
There can be no question ; getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a one-page application and receive a great loan check cut in one day. But The Mortgage Advisors LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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 Mortgage Advisors LLC will start saving you money. You will supply info on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we have reviewed this information we provide a pre-qualification letter. Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan that's just right for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe work with with this company on your date of closing. Because you won't need to worry with this coordination, you can think about moving, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us lots of information, applied online, and before you know it, you're moving in! The Mortgage Advisors LLC is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
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.