The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's no question ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. But MortgageZ LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
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? 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. 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 MortgageZ LLC can really save you money. You will provide info on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we have reviewed this information we provide a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe work with with the title company to set your date to close. Because you won't have to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied , and before you know it, you are moving in! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call MortgageZ LLC at 8557558700. MortgageZ LLC answers loan process questions every day.