An Overview of the Mortgage Loan Process
There's no doubt that getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to complete a simple loan app and get a great loan check cut in one day. But Affinity Mortgage Brokers does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide information about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Since you will not need to worry with this coordination, you get to think about the move, paint colors, carpet, and all the details of getting a new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving! We take care of the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Affinity Mortgage Brokers at 719-425-2226. It's our job to answer lending questions, so we're happy to help!