How the Loan Process Works
There's no question ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. 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 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? 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. 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: pre-qualify for your loan
This is where the process really begins and REDDISH BULL FINANCE, INC. | NMLS #1247892 can really save you money. You will give us information on your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review this info we give you a letter of pre-qualification. Handle it with care — it can be a useful tool for buying your new home! Your REALTOR® will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for a loan could not get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date to close. Because you will not need to coordinate this process, you get to concentrate on moving, paint colors, carpet, and all the details of getting 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! We do the legwork so you can focus on finding your new home.
Have questions about the loan process? Call REDDISH BULL FINANCE, INC. | NMLS #1247892 at 561-475-2281. REDDISH BULL FINANCE, INC. | NMLS #1247892 answers loan process questions every day.