The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be here on our website if you could complete a simple mortgage application and receive the best loan check cut the same day. We do 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 getting a loan.
Step one: Decide how much you can afford
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. 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 is where the rubber meets the road and you save the most money. You will give us info on your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. When we review this information we will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your REALTOR™, we find the best program for you.
Once you have made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date to close. Since you will not need to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving! Stepping Stone Mortgage is in the business of loans; 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 5416833300. It's our job to answer lending questions, so we're happy to help!