How the Mortgage Loan Process Works
Make no mistake, there's a lot involved when you get a mortgage loan. You would not be looking up loan information if it were possible to get a 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 mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
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 can start to save you money. You will give us information on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we are researching the best loan for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we will order an 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 make sure the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date to close. Because you don't need to coordinate this process, you can think about moving logistics, painting, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are moving in! We take care of the legwork so you can focus on 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!