The Mortgage Loan Process: an Overview
There's little doubt ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out 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 obtaining a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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 provide details about your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply any time right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe work with with this company to set your date of closing. Since you don't need to coordinate this process, you get to think about moving logistics, painting, new carpet, and the details involved in moving into your new home.
You've answered a few questions, provided detailed information, applied , and before you know it, you're moving in! We take care of the mortgage legwork 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.