The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is little question that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single day with a simple application. But Stepping Stone Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? 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 rubber meets the road and you save the most money. You will give us information about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We'll go over all this info then give you a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will need are avaiailable, 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 will not need to coordinate this process, you get to think about moving, painting, new carpet, and the details involved in moving into your new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving! We take care of all the loan details so you can spend your time finding your new home.
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!