An Overview of the Mortgage Loan Process
There's no doubt that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. 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 steps.
Step one: Decide on your maximum loan amount
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 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 process really begins and you save the most money. You will provide info on your current job, your 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 (only after you give your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. 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 best loan for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, you should 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 submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
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 the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you will not need to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and the fun parts of getting your new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! The Mortgage Advisors LLC is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call The Mortgage Advisors LLC at 303.979.1822. We answer questions about the loan process every day.