The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

There's little doubt ; getting a mortgage loan is a complicated process. You wouldn't be visiting our website if you could complete a one-page loan app and receive the best loan check cut 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.

There are four important steps involved in obtaining a loan.

Step one: determine how much you can borrow

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? 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 Stepping Stone Mortgage can begin saving you money. You will provide information about your employment, 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, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are looking for the best loan for you.

Step three: apply for your loan

After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: funding

The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your closing date. Since you will not have to worry about these details, you get to think about the move, if you're going to repaint, new carpet, and the details involved in moving into a new house.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving in! Stepping Stone Mortgage is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?

Have questions about the loan process? Call Stepping Stone Mortgage at (541) 683-3300. Stepping Stone Mortgage answers loan process questions every day.

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