An Overview of the Mortgage Loan Process
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be visiting our site if it were possible to complete a one-page loan app and get the best loan funded the same day. 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.
Getting a mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 Real Property Finance will begin saving you money. You will provide info about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). When we review this information we provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy finding the loan that's just right for your unique situation.
Once you have made an offer and it's been accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate 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 work with with the title company on your date of closing. Since you won't need to worry about these details, you get to concentrate on moving, if you're going to repaint, new carpet, and the details involved in moving into a new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Real Property Finance at 310-379-5997. We answer questions about the loan process every day.