The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to complete a simple loan app and receive the best loan check cut the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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 start saving you money. You will give us info about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we're busy researching the loan program that's right for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your date of closing. Because you will not have to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're deciding when to move 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. We answer questions about the loan process every day.