The Mortgage Loan Process: an Overview
No doubt, a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if you could complete a one-page loan app and get an excellent loan check cut 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 important steps involved in obtaining a loan.
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? 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. 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 is where the rubber meets the road and Stepping Stone Mortgage can really save you money. You will provide details on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will go over all this info and provide a pre-qualification letter. Your agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we are researching the best loan program for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the 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 make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Because you don't need to worry about these details, you can concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered some few questions, provided lots of information, applied , and before you know it, you're moving in! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Stepping Stone Mortgage at (541) 683-3300. Stepping Stone Mortgage answers loan process questions every day.