An Overview of the Mortgage Loan Process
There's a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. We do most of 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 how much you can afford
A couple of factors determine this amount. 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: complete a pre-qualification
This step is where The Mortgage Advisors LLC can begin saving you money. You will supply details on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. We will review this information then give you a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! Your real estate agent will 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 shopping for a 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 made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Because you will not have to worry about these details, you get to think about moving, painting, carpet, and all the details of getting your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving! We take care of the 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!