How the Mortgage Loan Process Works
There can be little doubt ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single 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.
Getting a loan involves four major milestones.
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: complete a pre-qualification
This is where REDDISH BULL FINANCE, INC. | NMLS #1247892 can begin to save you money. You will supply info about your current job, assets, and 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, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are finding the best loan for you.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Since you will not have to worry with this coordination, you can think about moving logistics, painting, new carpet, and the details involved in moving into your new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be moving in! REDDISH BULL FINANCE, INC. | NMLS #1247892 is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?
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!