The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot to do in oder to get a mortgage. You wouldn't be here on our website if you could fill out a simple loan app and receive a great loan check cut 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 steps.
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? 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. 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: pre-qualify for your loan
This is where Stepping Stone Mortgage can begin saving you money. You will give us info on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — 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. While you're looking for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe work with with the title company on your date of closing. Since you don't have to worry with this coordination, you get to concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! Stepping Stone Mortgage is a mortgage specialist; you're not — so we do the work. 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!