An Overview of the Loan Process
There is little doubt ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. We do most of 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 getting 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? 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. We'll also help you through different scenarios by asking a few simple questions. 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 step is where Real Property Finance will begin to save you money. You will give us details about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. We'll review all this information and will provide a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a 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 accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to find an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your closing date. Since you will not need to coordinate this process, you can concentrate on the move, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, 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. It's our job to answer lending questions, so we're happy to help!