How the Mortgage Loan Process Works
There's no question that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in a single day with 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.
There are four main steps involved in getting a mortgage loan.
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? 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 the process really begins and Stepping Stone Mortgage can really save you money. You will supply details about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have gone over all this information we give you a letter of pre-qualification. 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. While you're looking for a new home with your real estate 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 accept it, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date of closing. Because you don't have to worry about these details, you get to concentrate on the move, painting, carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We do the legwork 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. We answer questions about the loan process every day.