How the Mortgage Loan Process Works
No doubt, quite a lot involved when you get a mortgage. You wouldn't be visiting our website if you could complete a one-page loan app and receive the best loan check cut in one day. 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 obtaining a mortgage loan.
Step one: determine how much you can borrow
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. 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 process really begins and you save the most money. You will provide details on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we have reviewed all this info we will provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we're busy researching the loan program that's just right for you.
After you've made an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your closing date. Because you don't need to worry about these details, you can concentrate on moving, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered a few questions, given us lots of information, applied , and before you know it, you are moving in! Real Property Finance 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 Real Property Finance at 310-379-5997. We answer questions about the loan process every day.