How the Mortgage Loan Process Works
There is little doubt ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in one 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 home loan involves four major milestones.
Step one: determine how much you can borrow
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. 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 step is where Sky Apply Mortgage, Inc can begin saving you money. You will provide details on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed this information, we'll give you 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) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy researching the loan that's right for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Because you don't need to coordinate this process, you get to concentrate on moving logistics, paint colors, carpet, and the fun parts of moving into your new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Sky Apply Mortgage, Inc at (813) 200-7931. Sky Apply Mortgage, Inc answers loan process questions every day.