The Mortgage Loan Process: an Overview

There can be no doubt that getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

Getting a home loan involves four major steps.

Step one: determine how much you can borrow

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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification

This is where the rubber meets the road and you save the most money. You will give us details about your current job, 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. We'll review this information then will give you a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! 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 picking out the home that's right for you, we are researching the best loan program for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, it's time to 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 submitted your loan application, we'll order a professional appraisal on the home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe coordinate with this company on your closing date. Because you don't need to worry with this coordination, you get to think about the move, painting, new carpet, and the details involved in moving into a new home.

You've answered a few questions, given us lots of information, applied online, and the next thing you know, you're moving in! Southwest Funding #841
Company NMLS # 303440 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
Company NMLS # 303440 at 5122916100. We answer questions about the loan process every day.