The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot to do when you get a mortgage. You would not be researching mortgage loans if you could get a mortgage loan in a single day by filling out a simple application. But Sky Apply Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
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: complete a pre-qualification
This is where Sky Apply Mortgage can start saving you money. You will provide info on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We'll go over this info then will provide a letter of pre-qualification. Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your real estate agent, we find the best program for you.
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Because you don't have to worry about these details, you get to think about moving logistics, if you're going to repaint, carpet, and the details involved in getting your new home.
You've answered a few questions, provided lots of information, applied online, 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 Sky Apply Mortgage at (813) 200-7931. We answer questions about the loan process every day.