The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, quite a lot to do when you get a mortgage. You would not be looking up loan information if you could get a loan in a single day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 process really begins and Stepping Stone Mortgage can really save you money. You will supply information about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We will review all this information and provide a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new home with your real estate agent, we find the best program for you.
Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date of closing. Because you will not need to worry with this coordination, you get to think about moving, painting, carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving in! Stepping Stone Mortgage is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Stepping Stone Mortgage at 5416833300. It's our job to answer lending questions, so we're happy to help!