The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's quite a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a loan in a single day with a simple application. But The Mortgage Advisors LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. 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? 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 rubber meets the road and The Mortgage Advisors LLC can really save you money. You will supply details on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe coordinate with this company on your date of closing. Since you won't need to coordinate this process, you can concentrate on the move, if you're going to repaint, new carpet, and the fun parts of getting a new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are moving in! We do the mortgage legwork so you can spend your time finding your new home.
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!