The Mortgage Loan Process: an Overview
There is little question ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to complete a one-page loan app and get the best loan funded the same day. 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 mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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 is where the rubber meets the road and Home Mortgage Lenders, Inc. can really save you money. You will provide details about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. We will go over this information then will give you a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy researching the loan that's just right for your unique situation.
Once you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your closing date. Since you don't have to worry about these details, you can think about the move, painting, new carpet, and all the details of moving into your new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Home Mortgage Lenders, Inc. is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Home Mortgage Lenders, Inc. at 8139881776. It's our job to answer lending questions, so we're happy to help!