The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
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There's no doubt that getting a mortgage is a complex process. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. But The Mortgage Superstore does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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? You can get a good idea of your preferred payment amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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 the process really begins and The Mortgage Superstore can really save you money. You will provide details on your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. When we review this information we will provide a pre-qualification letter. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new house with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, you should 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: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender will require are available, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your date of closing. Since you won't need to worry with this coordination, you get to concentrate on moving logistics, paint colors, 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 before you know it, you're moving in! The Mortgage Superstore is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call The Mortgage Superstore at 575-769-9006. It's our job to answer lending questions, so we're happy to help!