How the Loan Process Works

There is little doubt ; getting a mortgage is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in one 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.

Getting a mortgage 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: complete a pre-qualification

This is where the rubber meets the road and Stepping Stone Mortgage can really save you money. You will provide info about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we are finding the loan that best fits your needs.

Step three: apply now! We make it easy

Once you have signed an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: funding

The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your closing date. Since you don't have to worry about these details, you get to think about the move, painting, new carpet, and the details involved in moving into a new home.

You've answered some few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! Stepping Stone Mortgage is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?

Have questions about the loan process? Call Stepping Stone Mortgage at (541) 683-3300. Stepping Stone Mortgage answers loan process questions every day.

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