The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot to do when you get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in a single day by filling out 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 loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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. 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: pre-qualify for your loan
This step is where MortgageZ LLC will begin saving you money. You will give us information on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. 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 shopping for a new house with your agent, we find the best program for you.
After you've signed the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Since you don't have to worry about these details, you can concentrate on the move, if you're going to repaint, new carpet, and the fun parts of moving into your new home.
You've answered a few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! MortgageZ LLC is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call MortgageZ LLC at 8557558700. MortgageZ LLC answers loan process questions every day.