The Loan Process: an Overview
There's little doubt ; getting a mortgage is a complicated process. You wouldn't be visiting our website if it were possible to fill out a simple mortgage application and get the best loan funded 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.
There are four main steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. 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 the process really begins and you save the most money. You will give us info about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will review all this information then will give you a pre-qualification letter. Handle it with care — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy researching the loan that's just right for you.
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the 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 coordinate with this company to make sure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your date to close. Since you don't have to coordinate this process, you get to think about moving logistics, paint colors, carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided lots of information, applied , and before you know it, you are 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.