About the Mortgage Loan Process
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be here on our site if you could complete a one-page application and get a great loan funded the same 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 home loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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 current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! Your agent 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 looking for a new house with your agent, we find the best program for you.
Once you have made an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply online 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: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to handle 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 everything at their officeWe coordinate with this company on your closing date. Because you won't need to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us lots of information, applied online, and before you know it, you are deciding when to move in! We do the mortgage legwork 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 8132007931. It's our job to answer lending questions, so we're happy to help!