The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in a single day with a simple application. But The Lending Source does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This is where the process really begins and The Lending Source can really save you money. You will supply info about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we have reviewed all this info we will provide a pre-qualification letter. Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply online right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date of closing. Because you don't need to worry about these details, you can think about moving logistics, paint colors, new carpet, and the fun parts of getting a new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call The Lending Source at (973) 601-2122. We answer questions about the loan process every day.