The Mortgage Loan Process: an Overview
There is no question that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. But Stepping Stone Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
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. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will provide information on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your real estate agent 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 house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company to set your date to close. Because you won't need to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and the details involved in moving into your new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you are moving in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Stepping Stone Mortgage at (541) 683-3300. It's our job to answer lending questions, so we're happy to help!