How the Mortgage Loan Process Works
There can be little doubt ; getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a mortgage loan in one day by filling out 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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? 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will provide details on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed your 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 the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on a title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date of closing. Since you don't have to worry about these details, you get to concentrate on moving, paint colors, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Affinity Mortgage Brokers at 719-425-2226. We answer questions about the loan process every day.