The Four Steps of the Loan Process:The Loan Process: Four Steps
In the market for a mortgage loan? We will be glad to assist you! Give us a call today at (314) 913-9678. Want to get started? Apply Here
There is little doubt that getting a mortgage loan is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with 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 important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
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 amount 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 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: complete a pre-qualification
This is where Mortgage Possible will start to save you money. You will give us info on your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. We'll go over all this information then will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we are researching the best loan program for you.
Once you have made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company on your closing date. Because you don't have to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and all the details of moving into a new home.
You've answered some few questions, provided lots of information, applied online, and the next thing you know, you're moving in! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Mortgage Possible at (314) 913-9678. Mortgage Possible answers loan process questions every day.
Quick and Easy Pre-Qualication plus Special Bonus
Fill out the form below, it will take you 2 minutes, for a quick and easy mortgage pre-qualification. I will examine your information for qualified mortgage programs, down payment assistance, and more! You will have answers to you questions plus I will send you a copy of my e-book, "The Mortgage Ready Guide" my definitive guide to buying your next new home. Plus, I will send to you a $500 Closing Cost Credit to use when you are ready.