The Loan Process: an Overview
There's no doubt ; getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to complete a one-page loan app and get a great loan funded in one day. We do most of 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 loan.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: complete a pre-qualification
This is where the process really begins and you save the most money. You will supply information about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your closing date. Because you don't have to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving! We take care of the legwork so you can spend your time 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.