How the Mortgage Loan Process Works

There's a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in a single day with 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 obtaining 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. We'll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: complete a pre-qualification

This is where the process really begins and you save the most money. You will provide details about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. When we review all this info we give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to designate a title company to take care of the funding of your loan. 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 work with with the title company on your date of closing. Since you won't need to coordinate this process, you get to concentrate on moving logistics, painting, new carpet, and the details involved in moving into your new home.

You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Real Property Finance is a mortgage specialist; you're not — so we do the work. 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.

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