The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

Make no mistake, there's a lot involved in oder to get a mortgage. You wouldn't be here on our website if you could complete a simple mortgage application and get the best loan check cut in one day. 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 primary steps involved in getting a mortgage loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. How much of a monthly payment can you afford? 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: pre-qualify for your loan

This is where the process really begins and you save the most money. You will provide info about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed the provided 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 picking out your new home, we're busy researching the loan program that's just right for your unique situation.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to decide on a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Since you will not need to worry about these details, you can concentrate on the move, if you're going to repaint, carpet, and all the details of moving into your new house.

You've answered a few questions, given us detailed information, applied , and the next thing you know, you are moving in! 24-7 Mortgage Loans is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?

Have questions about the loan process? Call 24-7 Mortgage Loans at 5102009714. It's our job to answer lending questions, so we're happy to help!