An Overview of the Mortgage Loan Process
There is little question that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. 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 important steps involved in getting a mortgage loan.
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? Use the calculators on our website to determine your monthly payment amount. 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 Triumph Mortgage Inc can begin to save you money. You will supply information on your current job, assets, and your 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 finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy finding the loan program that's right for you.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your date to close. Since you won't have to worry about these details, you get to concentrate on the move, painting, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! Triumph Mortgage Inc is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Triumph Mortgage Inc at 8327302000. It's our job to answer lending questions, so we're happy to help!