The Loan Process: an Overview
Shopping for a mortgage? Andrew Del Rey and Todd Avakian would be glad to talk about your mortgage needs! Call them at (888) 888-1172. Ready to begin? Apply Online Now
There can be little question ; getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a loan in one day by filling out 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 main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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 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 process really begins and you save the most money. You will provide information about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your REALTOR® will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. When the time is right, we will order the 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 coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Because you don't have to worry about these details, you can think about moving logistics, painting, new carpet, and all the details of moving into a new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Andrew Del Rey or Todd Avakian at (888) 888-1172. They answers loan process questions every day.