The Mortgage Loan Process: an Overview
There's quite a lot involved in order to get a mortgage loan. You wouldn't be visiting our website if you could complete a simple loan app and get a great loan funded the same 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.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
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. 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 process really begins and you save the most money. You will supply information about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on your new home, we are finding the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender needs are available, and you will likely sign everything at this company's office. We work with with the title company to set your date of closing. Because you won't need to worry with this coordination, you can concentrate on the move, painting, carpet, and all the details of moving into your new house.
You've answered some few questions, given us lots of information, applied, and before you know it, you're moving! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Action Mortgage at (713) 723-7800. Action Mortgage answers loan process questions every day.