The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
No doubt, quite a lot to do when you get a mortgage. You wouldn't be visiting our site if it were possible to complete a one-page application and get an excellent 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.
There are four main steps involved in getting a loan.
Step one: Decide how much you can afford
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. 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 is where the rubber meets the road and you save the most money. You will give us details on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. We'll review all this information then provide a letter of pre-qualification. Handle it with care — it is a great tool when you make your offer! Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we're busy researching the loan that's right for your unique situation.
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your real estate agent 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 requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company on your date of closing. Because you don't need to coordinate this process, you get to think about moving, paint colors, new carpet, and all the details of getting a new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call The Lending Source at 9736012122. It's our job to answer lending questions, so we're happy to help!