The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be here on our website if you could complete a one-page application and get an excellent loan funded in one day. But Stepping Stone Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
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 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 quewstions. 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 is where Stepping Stone Mortgage will start saving you money. You will give us info about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We will go over this information and will give you a pre-qualification letter. Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy researching the loan program that's right for you.
Once you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your date to close. Because you will not have to worry about these details, you get to concentrate on the move, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! Stepping Stone Mortgage is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Stepping Stone Mortgage at (541) 683-3300. Stepping Stone Mortgage answers loan process questions every day.