How the Loan Process Works
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if you could get a mortgage loan in one day by filling out a simple application. 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.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. 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? 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: complete a pre-qualification
This is where the process really begins and Stepping Stone Mortgage can really save you money. You will supply details about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). When we review all this information we will provide a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your closing date. Since you don't need to coordinate this process, you can think about moving logistics, paint colors, carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Stepping Stone Mortgage at (541) 683-3300. Stepping Stone Mortgage answers loan process questions every day.