How the Mortgage Loan Process Works
There is no doubt that getting a mortgage loan is a complex process. You wouldn't be here on our website if you could fill out a one-page mortgage application and receive the best loan funded in one day. But Affinity Mortgage Brokers does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home 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. 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: complete a pre-qualification
This is where the rubber meets the road and Affinity Mortgage Brokers can really save you money. You will supply details on your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. 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 shopping for your new home, we're busy finding the loan that's just right for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply online right here on our site. When the time is right, we will order the appraisal of your new 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 work with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your date of closing. Since you won't have to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Affinity Mortgage Brokers is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
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!