The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our website if you could fill out a simple loan app and receive an excellent loan funded in one 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.
Getting a mortgage loan involves four major milestones.
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? 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: pre-qualify for your loan
This step is where The Mortgage Advisors LLC can start saving you money. You will give us info on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. We'll go over all this information then give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the loan that best fits your needs.
Once you have made an offer and it's been accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Since you will not have to worry with this coordination, you get to think about moving logistics, if you're going to repaint, carpet, and all the details of moving into a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving! The Mortgage Advisors LLC is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call The Mortgage Advisors LLC at 303.979.1822. The Mortgage Advisors LLC answers loan process questions every day.