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

There's no question ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day with a simple application. But Southwest Funding #841
Company NMLS # 303440 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

Step one: Decide on your maximum loan amount

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? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: complete a pre-qualification

This is where the rubber meets the road and Southwest Funding #841
Company NMLS # 303440 can really save you money. You will provide details on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. We will review all this information then will provide a pre-qualification 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 looking for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. Finally, we'll order the appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date of closing. Because you don't need to coordinate this process, you get to concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting your new house.

You've answered a few questions, provided lots of information, applied , and the next thing you know, you're moving in! We do the legwork so you can focus on finding your new home.

Have questions about the loan process? Call Southwest Funding #841
Company NMLS # 303440 at 5122916100. We answer questions about the loan process every day.