About the Mortgage Loan Process
There is little doubt ; getting a mortgage loan is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single 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.
There are four main steps involved in obtaining a mortgage 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide information on your employment, 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 finished reviewing your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! Your REALTOR® will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your agent, we find the best program for you.
Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on a title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your closing date. Because you will not need to worry with this coordination, you get to concentrate on moving, paint colors, carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! Affinity Mortgage Brokers is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
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!