The Mortgage Loan Process: an Overview
No doubt, a lot involved in oder to get a mortgage. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. But Affinity Mortgage Brokers does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a 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? Use the calculators on our website to determine your monthly payment amount. 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 process really begins and you save the most money. You will give us information about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We'll review all this info and provide a letter of pre-qualification. Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we are looking for the loan that best fits your needs.
Once you've made the offer and it's been accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company on your date of closing. Since you don't need to coordinate this process, you get to concentrate on the move, if you're going to repaint, carpet, and the details involved in moving into your new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We take care of the loan details so you can spend your time 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!