The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be little doubt that getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could fill out a simple loan application and get the best loan check cut in one day. 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: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 rubber meets the road and you save the most money. You will give us details about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® should 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 home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
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 ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your closing date. Because you won't need to coordinate this process, you get to think about moving, if you're going to repaint, new carpet, and all the details of moving into your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you're moving! REDDISH BULL FINANCE, INC. | NMLS #1247892 is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
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.