An Overview of the Loan Process
There is little question ; getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a loan in one day with a simple application. But Southwest Funding #841 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: Decide how much you can afford
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. 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 process really begins and Southwest Funding #841 can really save you money. You will give us info on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we're busy finding the loan that's right for your unique situation.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together 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 all 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 coordinate with this company on your date to close. Since you will not need to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are moving in! Southwest Funding #841 is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Southwest Funding #841 at (512) 291-6100. Southwest Funding #841 answers loan process questions every day.