How the Mortgage Loan Process Works

No doubt, quite a lot involved when you get a mortgage. You would not be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. But Stepping Stone Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

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? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan

This step is where Stepping Stone Mortgage will start to save you money. You will supply info about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll go over this info and will provide a letter of pre-qualification. 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 shopping for the home that's right for you, we're busy finding the loan that's just right for your unique situation.

Step three: apply now! We make it easy

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

Step four: funding

Your REALTOR® and the seller's will work together to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate 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 coordinate with the title company on your closing date. Since you don't have to coordinate this process, you get to think about the move, paint colors, carpet, and all the details of moving into your new home.

You've answered a few questions, given us lots of information, applied , and before you know it, you're moving in! Stepping Stone Mortgage is in the business of mortgage 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. It's our job to answer lending questions, so we're happy to help!

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