How the Mortgage Loan Process Works
There can be no question that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information 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.
Getting a home loan involves four major steps.
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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us info on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we have reviewed all this information we provide a letter of pre-qualification. Handle it with care — it can be a useful tool for buying your new home! 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 deciding on the home that's right for you, we're busy researching the loan that's right for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your closing date. Because you don't need to worry about these details, you get to concentrate on moving, painting, carpet, and all the details of getting a new home.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you are deciding when to move in! Real Property Finance is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Real Property Finance at 310-379-5997. We answer questions about the loan process every day.