How the Mortgage Loan Process Works
Make no mistake, there's a lot involved when you get a mortgage loan. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with 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.
There are four main steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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 MortgageZ LLC can start saving you money. You will give us information on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your real estate agent, we find the best program for you.
After you've made an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you will not need to coordinate this process, you get to concentrate on the move, paint colors, carpet, and the details involved in moving into a new home.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call MortgageZ LLC at 8557558700. MortgageZ LLC answers loan process questions every day.