The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is little doubt ; getting a mortgage is a complex process. You wouldn't be here on our website if you could fill out a simple loan app and get 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.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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 step is where Triumph Mortgage Inc can start to save you money. You will supply details on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we have reviewed all this info we will provide a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date to close. Because you will not have to worry with this coordination, you can concentrate on moving logistics, painting, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Triumph Mortgage Inc at 8327302000. Triumph Mortgage Inc answers loan process questions every day.