How the Loan Process Works
No doubt, quite a lot to do in oder to get a mortgage. You wouldn't be here on our site if you could fill out a simple loan application and get an excellent 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.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This step is where Stepping Stone Mortgage can start to save you money. You will provide info on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Since you won't need to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you're deciding when to move in! We take care of the mortgage 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. We answer questions about the loan process every day.