How the Mortgage Loan Process Works
There is no doubt that getting a mortgage is a complicated process. You wouldn't be here on our site if you could fill out a one-page application and get the best loan funded the same day. But Stepping Stone Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? 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. 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 begin to save you money. You will supply details on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your REALTOR® 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 looking for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your closing date. Since you will not need to coordinate this process, you get to think about the move, paint colors, new carpet, and the details involved in moving into your new home.
You've answered a few questions, provided lots of 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 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.