The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be little doubt ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day with 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.
There are four important steps involved in getting a loan.
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? 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. 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: complete a pre-qualification
This is where The Mortgage Advisors LLC will begin to save you money. You will give us info about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your REALTOR® will 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 picking out the home that's right for you, we're busy researching the loan that's just right for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you will 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 don't have to worry about these details, you can think about moving, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! The Mortgage Advisors LLC is in the business of mortgage loans; you're not — so 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. The Mortgage Advisors LLC answers loan process questions every day.