The Loan Process: an Overview
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be visiting our website if it were possible to complete a simple application and receive the best loan funded in one day. 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 how much you can afford
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? 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. 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 the process really begins and you save the most money. You will give us details about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. We'll go over this info and will provide a letter of pre-qualification. 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 picking out your new home, we're busy finding the loan that's just right for your unique situation.
After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Because you don't need to worry about these details, you get to think about moving logistics, paint colors, new carpet, and all the details of getting your new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're 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 8132007931. We answer questions about the loan process every day.