The Loan Process: an Overview
There's little doubt that getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out 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 loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 step is where Stepping Stone Mortgage can begin to save you money. You will supply details on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! 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 your new house with your agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your closing date. Because you won't need to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided detailed information, applied , and before you know it, you are moving in! Stepping Stone Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Stepping Stone Mortgage at (541) 683-3300. We answer questions about the loan process every day.