The Loan Process: an Overview
No doubt, quite a lot to do when you get a mortgage. You would not be looking up loan information if it were possible to get a loan in one day with 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 primary steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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: complete a pre-qualification
This is where the process really begins and Homewithloan.com can really save you money. You will supply info on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! 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 deciding on your new home, we're busy finding the loan that's right for you.
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe work with with this company on your date of closing. Because you won't have to worry about these details, you can think about moving, if you're going to repaint, carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving! Homewithloan.com is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Homewithloan.com at 9727982110. We answer questions about the loan process every day.