An Overview of the Mortgage Loan Process
There is little doubt that getting a mortgage is a complicated process. You wouldn't be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. We do 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: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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 the rubber meets the road and Real Property Finance can really save you money. You will give us details on your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will go over this info then will provide a pre-qualification letter. Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for your loan couldn't get much easier; you can apply right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company on your date of closing. Since you don't have to worry about these details, you get to concentrate on the move, paint colors, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving! Real Property Finance is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Real Property Finance at 310-379-5997. Real Property Finance answers loan process questions every day.