The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is little question that getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a loan in a single day with a simple application. 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 important steps involved in obtaining a loan.
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. 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 Southwest Funding #841
Company NMLS # 303440 can really save you money. You will give us information on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). We'll go over this information then will provide a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we're busy finding the loan program that's just right for your situation.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply online right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company to set your closing date. Since you won't have to worry with this coordination, you get to think about the move, paint colors, new carpet, and the fun parts of getting a new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Southwest Funding #841
Company NMLS # 303440 at 5122916100. We answer questions about the loan process every day.