How the Mortgage Loan Process Works

There can be no question ; getting a mortgage is a complicated process. You wouldn't be here on our website if you could fill out a one-page loan application and receive an excellent loan funded the same day. But Stepping Stone Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home 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? 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: pre-qualify for your loan

This is where Stepping Stone Mortgage will begin to save you money. You will provide details on your current job, 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. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan that's just right for you.

Step three: apply now! We make it easy

Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. At the end of this step, we'll order an appraisal of your new home.

Step four: your loan is funded

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 the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date to close. Because you don't have to coordinate this process, you get to think about moving, paint colors, carpet, and the fun parts of getting a new home.

You've answered some few questions, given us 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 take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Stepping Stone Mortgage at 5416833300. It's our job to answer lending questions, so we're happy to help!