An Overview of the Mortgage Loan Process
No doubt, quite a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if you could 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.
Getting a loan involves four major steps.
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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This is where Sky Apply Mortgage, Inc will start to save you money. You will give us info about your current job, assets, and your residence history. You'll provide 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 provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date to close. Since you won't need to coordinate this process, you get to think about the move, paint colors, new carpet, and all the details of moving into a new home.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you are moving in! Sky Apply Mortgage, Inc is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Sky Apply Mortgage, Inc at 8132007931. It's our job to answer lending questions, so we're happy to help!