How the Mortgage Loan Process Works
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There's quite a lot to do in order to get a mortgage. You would not be looking up loan information if you could get a loan in a single day by filling out a simple application. I 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 milestones.
Step one: determine how much you can borrow
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 my website to determine your monthly payment amount. I'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, I 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. As your broker, I can really save you money. You will supply info about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. I get your permission to pull your credit score and report. When I review this information I'll give you a pre-qualification letter. Be careful with this letter — it is a great tool for buying your new home! 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 looking for your new house with your real estate agent, I find the best loan program for you.
After you've signed the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on my site. After the offer has been accepted and you have submitted your loan application, I'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it's approved. I'll work with this company to make sure the papers your lender will need are available, and you will likely sign all these papers at their office. I do all the work to work with with the title company to set your closing date. Because you will not need to worry with this coordination, you can concentrate on moving, paint colors, new carpet, and the fun parts of getting a new house.
You've answered some few questions, provided detailed information, applied, and before you know it, you'll be moving in! I take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call me, Todd Perdew, Independent Broker at (619) 758-4035. It's my job to answer lending questions, so I'm happy to help!