The Loan Process: an Overview
There can be no question ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if you could get a loan in one day with a simple application. 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 primary steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 Real Property Finance can begin saving you money. You will supply information about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe work with with this company to set your date of closing. Since you will not have to worry about these details, you get to think about moving, paint colors, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're moving in! Real Property Finance is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Real Property Finance at 310-379-5997. We answer questions about the loan process every day.