The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's a lot involved in oder to get a mortgage loan. You wouldn't be visiting our website if it were possible to fill out a one-page application and receive a great loan check cut in one day. 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.
Getting a 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? 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. 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 you save the most money. You will give us details about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. We'll review this information and provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can do it online, 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 agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Because you don't need to worry about these details, you can concentrate on moving, painting, new carpet, and the fun parts of getting your new house.
You've answered a few questions, given us lots of information, applied , and before you know it, you're deciding when to move in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Sky Apply Mortgage at (813) 200-7931. It's our job to answer lending questions, so we're happy to help!