The Loan Process: an Overview
No doubt, quite a lot to do in oder to get a mortgage. You wouldn't be here on our site if it were possible to complete a one-page loan app and receive an excellent loan check cut the same day. 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 obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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. 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 is where the rubber meets the road and you save the most money. You will provide information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your 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 looking for your new house with your real estate agent, 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. It's very easy, and you can apply online, right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe work with with this company on your closing date. Since you will not need to worry about these details, you can concentrate on moving, painting, new carpet, and all the details of getting a new house.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Secure Mortgage Company at (713) 667-5472. We answer questions about the loan process every day.