The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
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There is little question that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. But Chase Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. And we can guide you to the right loan amount and best program for you when you answer a few 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 Chase Mortgage can really save you money. You will supply information about your current job, your 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 finished reviewing this information, we'll provide a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are finding the best loan for you.
Step three: apply for your loan
Once you have made the offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't be 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 the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure the papers your lender will need are available, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Because you won't need to coordinate this process, you get to think about moving logistics, painting, new carpet, and all the details of getting your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! We take care of the loan details so you can focus on finding the new home that's right for you.