An Overview of the Loan Process
There's little question that getting a mortgage loan is a complex process. You wouldn't be visiting our website if it were possible to complete a simple mortgage application and receive an excellent loan check cut in one day. But MortgageZ LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification
This is where the process really begins and MortgageZ LLC can really save you money. You will give us info on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). We will review all this info then provide a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan that's right for you.
After you've signed the offer and the sellers accept it, 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 will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it's approved. 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 this company's officeWe do all the work to coordinate with this company on your closing date. Because you don't need to coordinate this process, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into your new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you are deciding when to move in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call MortgageZ LLC at 8557558700. MortgageZ LLC answers loan process questions every day.