The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day by filling out 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 mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? 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. 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 is where Southwest Funding #841
Company NMLS # 303440 will begin saving you money. You will provide info on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your 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 deciding on the home that's right for you, we're busy researching the loan program that's right for your unique situation.
Once you have made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to handle 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 this company's officeWe work with with the title company to set your date to close. Because 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 house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving! Southwest Funding #841
Company NMLS # 303440 is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Southwest Funding #841
Company NMLS # 303440 at 5122916100. Southwest Funding #841
Company NMLS # 303440 answers loan process questions every day.