The Loan Process: an Overview
There is no question ; getting a mortgage is a complicated process. You wouldn't be visiting our site if you could fill out a one-page loan app and receive the best loan funded in one day. But The Mortgage Advisors LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: pre-qualify for your loan
This is where the rubber meets the road and The Mortgage Advisors LLC can really save you money. You will provide info about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We'll go over this info and provide a letter of pre-qualification. 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 the home that's right for you, we're busy researching the loan program that's right for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe work with with this company to set your date to close. Because you won't have to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, carpet, and all the details of getting a new home.
You've answered a few questions, given us detailed information, applied online, and before you know it, you're deciding when to move in! The Mortgage Advisors LLC is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call The Mortgage Advisors LLC at 303.979.1822. It's our job to answer lending questions, so we're happy to help!