The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in one day with 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.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
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. 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 is where Yamini Patel can start saving you money. You will supply info about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we have gone over all this information we provide a pre-qualification letter. Be careful with this letter — it is a useful tool when you make your offer! Your REALTOR® will 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 agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company to set your date of closing. Since you will not have to worry about these details, you get to think about moving logistics, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Yamini Patel at (832) 730-2000. We answer questions about the loan process every day.