How the Mortgage Loan Process Works
There's little doubt that getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a loan in one day with a simple application. 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.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
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. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply information about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. When we review all this info we will give you a letter of pre-qualification. Handle it with care — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are finding the best loan 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 apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company on your date to close. Since you will not need to coordinate this process, you can think about moving logistics, painting, new carpet, and the fun parts of getting a new house.
You've answered some few questions, given us detailed information, applied , and before you know it, you are moving in! Stepping Stone Mortgage is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Stepping Stone Mortgage at (541) 683-3300. We answer questions about the loan process every day.