The Loan Process: an Overview
There is little question that getting a mortgage is a complicated process. You wouldn't be here on our website if you could fill out a simple loan app and receive the best loan funded the same day. But Sky Apply Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? 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 the rubber meets the road and Sky Apply Mortgage can really save you money. You will provide info about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® should 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 shopping for the home that's right for you, we're busy researching the loan program that's just right for your situation.
Once you've made the offer and it's been accepted, you should complete the loan application. 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 seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to decide on a title company to handle the funding of your loan. 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 do all the work to work with with this company to set your date to close. Because you won't have to worry about these details, you can think about the move, paint colors, new carpet, and all the details of getting a new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you're deciding when to move 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 at (813) 200-7931. It's our job to answer lending questions, so we're happy to help!