The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

There's no question that getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to 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 loan involves four major steps.

Step one: Decide how much you can afford

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? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan

This is where Southwest Funding #841 will start saving you money. You will provide info on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your real estate agent should use your 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 shopping for the home that's right for you, we're busy finding the loan program that's right for you.

Step three: apply for your loan

After you've made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. Finally, we'll order the appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date to close. Because you will not need to worry with this coordination, you can think about the move, paint colors, carpet, and all the details of getting your new home.

You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving! Southwest Funding #841 is in the business of mortgage 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. It's our job to answer lending questions, so we're happy to help!

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