About the Mortgage Loan Process
There can be no doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our website if you could complete a simple loan app and receive the best loan funded in one day. 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 home 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? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan
This step is where Southwest Funding #841 can begin to save you money. You will give us information about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. We'll review all this info then provide a letter of pre-qualification. Your real estate agent should use the pre-qual (as they may call it) 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 are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date of closing. Since you will not need to coordinate this process, you can think about moving, if you're going to repaint, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are moving in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Southwest Funding #841 at (512) 291-6100. Southwest Funding #841 answers loan process questions every day.