The Mortgage Loan Process: an Overview
There is no doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could complete a one-page application and receive a great loan funded in one 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.
There are four main steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 is where Triumph Mortgage Inc can start saving you money. You will provide information about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy researching the loan program that's right for you.
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date of closing. Since you will not need to coordinate this process, you get to concentrate on the move, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered some few questions, provided detailed information, applied , and before you know it, you're moving in! Triumph Mortgage Inc is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Triumph Mortgage Inc at 8327302000. We answer questions about the loan process every day.