The Mortgage Loan Process: an Overview
There's little question ; getting a mortgage is a complicated process. You wouldn't be visiting our website if you could complete a simple loan app and receive an excellent loan funded in one day. But Mortgage Headquarters of Missouri, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide info about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. We will go over all this information and give you a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your agent, we find the best program for you.
Once you have made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
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 coordinate with this company to ensure the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date of closing. Because you don't need to worry with this coordination, you get to concentrate on the move, painting, carpet, and all the details of moving into your new home.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Mortgage Headquarters of Missouri, Inc at 5733029990. Mortgage Headquarters of Missouri, Inc answers loan process questions every day.