How the Mortgage Loan Process Works

Make no mistake, there's a lot to do when you get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a simple loan app and get an excellent loan check cut the same day. 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 obtaining a mortgage loan.

Step one: determine how much you can borrow

This is a function of a couple things. What kind of monthly payment are you looking for? 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 process really begins and you save the most money. You will supply information on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy researching the loan that's just right for your situation.

Step three: apply now! We make it easy

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 website. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company on your closing date. Since you will not need to worry with this coordination, you can concentrate on moving logistics, painting, carpet, and the fun parts of moving into a new house.

You've answered some few questions, provided detailed information, applied , and the next thing you know, you're moving in! We take care of the mortgage legwork so you can spend your time 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. It's our job to answer lending questions, so we're happy to help!