The Mortgage Loan Process: an Overview
No doubt, quite a lot to do in oder to get a mortgage loan. 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. 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 milestones.
Step one: Decide on your maximum loan amount
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. 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 step is where Southwest Funding #841 will start to save you money. You will give us details about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy finding the loan program that's right for you.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Because you will not need to coordinate this process, you can think about moving logistics, if you're going to repaint, carpet, and all the details of moving into your new house.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're moving in! Southwest Funding #841 is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
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!