The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could complete a simple application and receive an excellent loan check cut the same day. 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.
There are four primary steps involved in obtaining a loan.
Step one: Decide how much you can afford
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? 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 is where the process really begins and you save the most money. You will give us information about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy researching the loan program that's right for you.
Once you have made the offer and the sellers accept it, you should 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 applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe work with with the title company on your date of closing. Since you won't need to worry with this coordination, you get to concentrate on moving logistics, painting, new carpet, and all the details of getting your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! Alternative Mortgage Group is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Alternative Mortgage Group at 561-395-4264. Alternative Mortgage Group answers loan process questions every day.