How the Loan Process Works
No doubt, a lot involved when you get a mortgage. You wouldn't be here on our website if you could complete a simple application and receive a great loan funded 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 how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 MortgageZ LLC can begin saving you money. You will provide info on your employment, assets, and 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 info then provide a letter of pre-qualification. Your real estate agent will use the 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 deciding on the home that's right for you, we are finding the best loan for you.
Once you have made an offer and it's been accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Since you will not need to coordinate this process, you can think about moving logistics, paint colors, new carpet, and all the details of moving into your new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving! MortgageZ LLC is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call MortgageZ LLC at 8557558700. We answer questions about the loan process every day.