How the Loan Process Works
There can be little doubt that getting a mortgage is a complicated process. You wouldn't be looking up loan information if you could get a loan in one day by filling out a simple application. But Homewithloan.com does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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: complete a pre-qualification
This step is where Homewithloan.com will start to save you money. You will supply info about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are looking for the best loan program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply 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 real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date of closing. Because you will not need to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you're deciding when to move in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Homewithloan.com at 972.798.2110. We answer questions about the loan process every day.