The Four Steps of the Loan Process:The Loan Process: Four Steps
There's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if you could fill out a one-page loan application and receive a great loan funded the same day. 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 mortgage loan involves four major steps.
Step one: Decide how much you can afford
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 quewstions. 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 step is where CHASE MORTGAGE, Inc. #317430 can start saving you money. You will provide info on your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). When we review this info we will give you a letter of pre-qualification. Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you've made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your date of closing. Because you will not need to worry with this coordination, you can think about moving logistics, if you're going to repaint, carpet, and all the details of moving into your new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call CHASE MORTGAGE, Inc. #317430 at 4357556622. We answer questions about the loan process every day.