The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a mortgage loan in a single day with a simple application. But Sky Apply Mortgage, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important 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? 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 step is where Sky Apply Mortgage, Inc can begin saving you money. You will provide info about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your agent, we find the best program for you.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. At the end of this step, we'll order an 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 requires are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your date to close. Since you don't need to worry about these details, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of getting a new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! 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, Inc at 8132007931. We answer questions about the loan process every day.