How the Mortgage Loan Process Works
There can be little question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if it were possible to get a mortgage 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.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
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. 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: complete a pre-qualification
This step is where Triumph Mortgage Inc can start saving you money. You will give us details on 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've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we're busy finding the loan program that's just right for your situation.
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Since you won't need to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us detailed information, applied , and before you know it, you're moving in! We do the legwork so you can focus on finding your new home.
Have questions about the loan process? Call Triumph Mortgage Inc at 8327302000. We answer questions about the loan process every day.