The Mortgage Loan Process: an Overview
No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with a simple application. 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
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us details about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We will go over all this info then give you 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 shopping for your new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your date to close. Because you won't have to worry with this coordination, you get to think about moving logistics, painting, carpet, and all the details of getting a new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! Southwest Funding #841 is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Southwest Funding #841 at (512) 291-6100. Southwest Funding #841 answers loan process questions every day.