The Loan Process: an Overview

There can be no question that getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Real Property Finance does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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: complete a pre-qualification

This is where the rubber meets the road and Real Property Finance can really save you money. You will give us info on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. 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 shopping for your new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

After you've signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your date to close. Because you won't have to coordinate this process, you can think about moving logistics, if you're going to repaint, carpet, and the details involved in moving into a new house.

You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving in! We do the legwork so you can focus on finding your new home.

Have questions about the loan process? Call Real Property Finance at 310-379-5997. Real Property Finance answers loan process questions every day.

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