About the Mortgage Loan Process
Make no mistake, there's a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage loan in one day with 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply information about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Your REALTOR® should use your pre-qual (as they may call it) in order 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 just right for your situation.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your date to close. Because you will not need to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and the fun parts of getting a new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! The Mortgage Advisors LLC is a mortgage specialist; you're not — so we 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. We answer questions about the loan process every day.