The Mortgage Loan Process: an Overview
There's little doubt ; getting a mortgage is a complex process. You wouldn't be visiting our website if you could complete a one-page loan app and receive the best loan funded the same day. But Southwest Funding #841 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. 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 the rubber meets the road and Southwest Funding #841 can really save you money. You will provide info about 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 (with your permission. We'll go over all this information and provide a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your closing date. Because you don't need to coordinate this process, you get to think about moving, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Southwest Funding #841 at (512) 291-6100. Southwest Funding #841 answers loan process questions every day.