The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be here on our site if you could fill out a one-page mortgage application and receive the best loan funded the same 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 steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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: pre-qualify for your loan
This is where The Mortgage Advisors LLC can begin to save you money. You will give us details on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed your 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 deciding on your new home, we are researching the best loan program for you.
Once you've made the offer and it's been accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date to close. Because you won't need to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of getting your new home.
You've answered a few questions, given us detailed information, applied , and Before you know it, you're moving! The Mortgage Advisors LLC is a mortgage specialist; 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.