The Mortgage Loan Process: an Overview

There can be little question that getting a mortgage is a complex process. You would not be researching mortgage loans if you could get a mortgage loan in a single day by filling out a simple application. But Southwest Funding #841 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 how much you can afford

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. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan

This step is where Southwest Funding #841 can start to save you money. You will give us info about your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). We will go over all this info and give you a letter of pre-qualification. 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 shopping for your new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have signed the 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 from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Since you don't need to coordinate this process, you get to concentrate on moving, paint colors, carpet, and all the details of moving into a new home.

You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of the loan details so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call Southwest Funding #841 at (512) 291-6100. We answer questions about the loan process every day.

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