An Overview of the Loan Process
Make no mistake, there's a lot to do when you get a mortgage loan. You would not be researching mortgage loans if you could get a loan in a single day by filling out a simple application. 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.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
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. 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: pre-qualify for your loan
This step is where Stepping Stone Mortgage can start to save you money. You will give us details on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. 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 their officeWe coordinate with the title company on your date of closing. Since you will not need to worry with this coordination, you get to think about moving logistics, painting, carpet, and the details involved in getting your new house.
You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving in! We do the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Stepping Stone Mortgage at (541) 683-3300. We answer questions about the loan process every day.