How the Loan Process Works
There is no question that getting a mortgage is a complex process. You wouldn't be here on our site if you could complete a one-page loan app and receive an excellent loan funded in one day. 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.
Getting a home 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? 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. 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: complete a pre-qualification
This is where the rubber meets the road and The Mortgage Advisors LLC can really save you money. You will give us details about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe work with with this company to set your date to close. Since you don't have to worry with this coordination, you can think about moving logistics, if you're going to repaint, carpet, and all the details of moving into your new home.
You've answered a few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! The Mortgage Advisors LLC is in the business of mortgage loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call The Mortgage Advisors LLC at 303.979.1822. We answer questions about the loan process every day.