About the Loan Process
There's a lot to do when you get a mortgage. You wouldn't be visiting our website if you could fill out a simple loan app and get a great loan funded in one day. But Stepping Stone Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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: complete a pre-qualification
This step is where Stepping Stone Mortgage will begin to save you money. You will provide details on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Your real estate agent will use your pre-qual (as they may call it) in order 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 house with your real estate agent, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you won't need to worry with this coordination, you can think about the move, painting, carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are deciding when to move in! We do the mortgage 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. It's our job to answer lending questions, so we're happy to help!