How the Mortgage Loan Process Works
There's a lot involved in oder to 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 by filling out a simple application. We do most of 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 mortgage loan involves four major steps.
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: complete a pre-qualification
This is where Sky Apply Mortgage, Inc can start saving you money. You will provide information about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. When we review this info we will give you a letter of pre-qualification. 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. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy finding the loan program that's right for your situation.
Once you've made the offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, 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: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with this company on your date to close. Because you won't have to coordinate this process, you can concentrate on moving, if you're going to repaint, carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you are deciding when to move in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Sky Apply Mortgage, Inc at (813) 200-7931. It's our job to answer lending questions, so we're happy to help!