The Loan Process: an Overview
No doubt, a lot involved when you get a mortgage. You would not be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But Stepping Stone Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
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? 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. 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 will begin saving you money. You will provide information on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date to close. Since you won't have to coordinate this process, you get to think about moving logistics, painting, carpet, and all the details of moving into a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! We do the mortgage legwork so you can spend your time finding your new home.
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!