The Mortgage Loan Process: an Overview
Make no mistake, there's a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage 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.
There are four main steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 process really begins and Homewithloan.com can really save you money. You will supply information on 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 finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your real estate agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, 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" and closing of the sale. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date to close. Since you don't have to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you're deciding when to move in! We take care of the legwork 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.