The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's no question ; getting a mortgage loan is a complicated process. You wouldn't be visiting our website if it were possible to complete a one-page loan application and get the best loan check cut the same day. But MortgageZ llc NMLS 2156016 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 is where the process really begins and you save the most money. You will provide info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we have reviewed this info we will give you a pre-qualification letter. Be careful with this letter — it can be 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 a new home with your agent, we find the best program for you.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date of closing. Since you will not need to worry about these details, you can concentrate on moving logistics, painting, new carpet, and all the details of getting your new house.
You've answered some few questions, given us lots of 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 your new home.
Have questions about the loan process? Call MortgageZ llc NMLS 2156016 at 8557558700. We answer questions about the loan process every day.