How the Loan Process Works
Make no mistake, there's a lot involved in oder to get a mortgage loan. You wouldn't be here on our site if you could fill out a one-page loan app and receive an excellent loan check cut in one day. 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 main steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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: pre-qualify for your loan
This is where Yamini Patel will begin saving you money. You will supply information on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We'll go over this info then give you a pre-qualification letter. Your real estate agent will likely use the pre-qual (as they may call it) in order 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 house with your real estate agent, we find the best program for you.
After you've signed the offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your closing date. Because you won't need to worry about these details, you can think about moving, painting, new carpet, and the details involved in moving into 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 the new home that's right for you.
Have questions about the loan process? Call Yamini Patel at (832) 730-2000. Yamini Patel answers loan process questions every day.