The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is no doubt that getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. We do 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 loan involves four major milestones.
Step one: Decide on your maximum loan amount
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? 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 the rubber meets the road and you save the most money. You will supply details about your current job, 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. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date of closing. Since you don't need to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you are moving in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
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!