The Four Steps of the Loan Process:The Loan Process: Four Steps
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There's no doubt that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single 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.
There are four important steps involved in getting a mortgage loan.
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? 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 you save the most money. You will provide details about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. We'll review this information and give you a letter of pre-qualification. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy researching the loan that's right for you.
Step three: apply for your loan
Once you have made the offer and it's been accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. When the time is right, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers that your lender needs are available, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Because you won't need to worry about these details, you can think about the move, paint colors, carpet, and all the details of moving into a new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're moving in! PROMORTGAGE ASSOC, INC is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?