The Mortgage Loan Process: an Overview
There's quite a lot involved when you get a mortgage loan. You wouldn't be visiting our website if it were possible to complete a simple application and receive a great loan funded in one day. 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 on your maximum loan amount
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 step is where Stepping Stone Mortgage can start to save you money. You will give us info on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are finding the best loan program for you.
After you've made an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your closing date. Since you will not have to coordinate this process, you get to think about the move, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving! Stepping Stone Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
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!