The Mortgage Loan Process: an Overview
There is no doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a one-page loan app and get an excellent loan funded in one day. 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 loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 saving you money. You will give us information about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. We'll go over all this info and will provide a letter of pre-qualification. Your agent will 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 looking for your new home with your real estate agent, we find the best program for you.
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date of closing. Because you won't have to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the details involved in getting a new home.
You've answered some few questions, given us detailed information, applied online, and before you know it, you're moving in! Southwest Funding #841
Company NMLS # 303440 is in the business of loans; 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!