How the Mortgage Loan Process Works
There can be no question that getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to fill out a one-page application and receive the best loan check cut the same day. We do 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 mortgage 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. 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: pre-qualify for your loan
This step is where Yamini Patel can begin saving you money. You will provide details on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have reviewed this info we 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 deciding on your new home, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for a loan couldn't be much easier; you can apply any time right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your closing date. Since you don't need to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! Yamini Patel is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Yamini Patel at (832) 730-2000. We answer questions about the loan process every day.