The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved when you get a mortgage. You wouldn't be here on our site if it were possible to fill out a one-page loan app and get an excellent loan check cut in one day. We do most of 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: Decide how much you can afford
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 step is where REDDISH BULL FINANCE, INC. | NMLS #1247892 can begin to save you money. You will provide information about your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are looking for the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Because you don't need to worry about these details, you can think about moving logistics, painting, new carpet, and the fun parts of getting your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving! REDDISH BULL FINANCE, INC. | NMLS #1247892 is in the business of mortgage loans; you're not — so we do the work. Doesn't that sound nice?
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.