The Four Steps of the Loan Process:The Loan Process: Four Steps
There's little question that getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a loan in one day with a simple application. But Secure Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
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? 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: pre-qualify for your loan
This is where the process really begins and Secure Mortgage Company can really save you money. You will give us info about your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your REALTOR™, we find the best program for you.
After you've signed an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your date to close. Because you don't have to worry about these details, you can think about the move, painting, new carpet, and the details involved in getting a new home.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you are deciding when to move in! Secure Mortgage Company is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Secure Mortgage Company at (713) 667-5472. We answer questions about the loan process every day.