How the Loan Process Works
Make no mistake, there's a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if you could fill out a simple loan application and receive a great loan check cut in one day. But The Mortgage Advisors LLC 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 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? 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. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply details on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We'll go over all this information and will provide a pre-qualification letter. Your real estate agent should use your 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 looking for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your closing date. Because you will not have to worry about these details, you can think about the move, if you're going to repaint, carpet, and the fun parts of getting your new house.
You've answered some few questions, given us lots of information, applied , and before you know it, you're deciding when to move in! We take care of the legwork so you can focus on finding your new home.
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.