How the Mortgage Loan Process Works
There's a lot to do when you get a mortgage. You wouldn't be here on our website if it were possible to complete a one-page application and receive an excellent loan funded the same 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. 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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This step is where Yamini Patel will begin to save you money. You will provide information about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. We'll go over this information and will provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are looking for the loan that best fits your needs.
After you've signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your date to close. Since you don't have to worry about these details, you can think about moving logistics, painting, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are moving in! Yamini Patel is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Yamini Patel at (832) 730-2000. Yamini Patel answers loan process questions every day.