The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be here on our site if it were possible to fill out a one-page loan application and get the best loan check cut the same day. But Southwest Funding #841
Company NMLS # 303440 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a mortgage loan.
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. 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 Southwest Funding #841
Company NMLS # 303440 will start to save you money. You will supply info on your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! Your REALTOR® should use your 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 shopping for the home that's right for you, we're busy researching the loan program that's just right for you.
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your closing date. Since you will not have to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and all the details of moving into a new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! Southwest Funding #841
Company NMLS # 303440 is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Southwest Funding #841
Company NMLS # 303440 at 5122916100. It's our job to answer lending questions, so we're happy to help!