About the Mortgage Loan Process
There's little doubt that getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to complete a simple mortgage application and receive a great loan check cut 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 primary steps involved in obtaining a 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? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Stepping Stone Mortgage will begin saving you money. You will provide information about 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. Handle it with care — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, 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 complete the loan application. It's very easy, and you can do it online, right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your closing date. Since you don't need to worry about these details, you get to concentrate on moving, painting, carpet, and the details involved in getting a new house.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're moving in! We take care of the mortgage legwork so you can spend your time 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!