The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot to do when you get a mortgage loan. You would not be researching mortgage loans if you could get a loan in one day by filling out 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 mortgage 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? 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. 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: pre-qualify for your loan
This is where The Lending Source can begin saving you money. You will give us details on your employment, 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 have reviewed all this information we will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy finding the loan program that's just right for your situation.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Because you will not have to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call The Lending Source at (973) 601-2122. The Lending Source answers loan process questions every day.