The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a loan in one day by filling out a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home 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? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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 is where the process really begins and you save the most money. You will supply info on your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are looking for the best loan for you.
After you've signed the offer and the sellers accept it, it's time to 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. Finally, we will order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe work with with the title company on your date of closing. Since you won't need to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in getting your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. Alternative Mortgage Group answers loan process questions every day.