An Overview of the Mortgage Loan Process
There is little question ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if it were possible to fill out a one-page application and get an excellent loan check cut in one day. 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 loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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 step is where The Mortgage Advisors LLC will begin to save you money. You will provide info on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we're busy researching the loan that's just right for you.
Once you've made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date to close. Because you will not have to coordinate this process, you can concentrate on moving, if you're going to repaint, new carpet, and the fun parts of getting your new home.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're moving in! The Mortgage Advisors LLC is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
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!