How the Mortgage Loan Process Works
There's no question ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in one day with a simple application. We do 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: determine how much you can borrow
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? 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. 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 rubber meets the road and you save the most money. You will supply information on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. Finally, we'll order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your date to close. Because you don't have to worry with this coordination, you can think about moving, paint colors, new carpet, and all the details 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! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Mortgage Headquarters of Missouri, Inc at 5733029990. It's our job to answer lending questions, so we're happy to help!