How the Mortgage Loan Process Works
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if you could get a loan in one day with a simple application. But REDDISH BULL FINANCE, INC. | NMLS #1247892 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting 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? Use the calculators on our website to determine your monthly payment amount. 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 step is where REDDISH BULL FINANCE, INC. | NMLS #1247892 will start saving you money. You will give us information on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. 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.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the 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. We'll work with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Since you don't have to worry with this coordination, you can concentrate on moving logistics, painting, new carpet, and all the details of moving into your new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! We do the legwork so you can focus on finding the new home that's right for you.
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.