The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, a lot involved when you get a mortgage. You wouldn't be visiting our site if it were possible to complete a simple loan app and get a great loan check cut the same day. But Homewithloan.com does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home 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? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Homewithloan.com will begin to save you money. You will provide info on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. When we review all this information we will give you a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! Your agent should 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 picking out your new home, we are looking for the loan that best fits your needs.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for your loan could not get 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: funding
The agents will find a 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 avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date of closing. Since you don't have to coordinate this process, you can concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting a new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are moving 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 9727982110. We answer questions about the loan process every day.