The Loan Process: an Overview
There can be no doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a one-page application and receive a great loan funded in one day. But The Lending Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification
This step is where The Lending Source can begin saving you money. You will provide details about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We will review this information then will give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made an 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. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find 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 needs are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Because you won't have to coordinate this process, you can think about moving, paint colors, carpet, and the details involved in getting your new home.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're moving in! The Lending Source is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call The Lending Source at (973) 601-2122. It's our job to answer lending questions, so we're happy to help!