An Overview of the Mortgage Loan Process
There can be little question that getting a mortgage is a complicated process. You wouldn't be looking up loan information 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 primary steps involved in getting a mortgage loan.
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? 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. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where the process really begins and REDDISH BULL FINANCE, INC. | NMLS #1247892 can really save you money. You will give us details on your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new house with your agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date of closing. Because you don't need to coordinate this process, you get to concentrate on the move, if you're going to repaint, new carpet, and the details involved in getting a new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call REDDISH BULL FINANCE, INC. | NMLS #1247892 at 561-475-2281. We answer questions about the loan process every day.