The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a mortgage 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 important steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan
This step is where Real Property Finance will begin to save you money. You will supply information on your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the 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. We'll work with this company to ensure the papers your lender requires are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your closing date. Since you don't need to worry with this coordination, you get to think about the move, paint colors, new carpet, and all the details of getting a new house.
You've answered a few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Real Property Finance at 310-379-5997. Real Property Finance answers loan process questions every day.