The Loan Process: an Overview
There's little doubt that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a simple application and get the best loan check cut the same day. But 24/7 Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
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: pre-qualify for your loan
This step is where 24/7 Mortgage will start to save you money. You will supply info about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your REALTOR® 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 deciding on the home that's right for you, we are looking for the loan that best fits your needs.
After you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. At the end of this step, we will order the appraisal of your new 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 of the sale. We'll work with this company to make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Because you will not need to worry with this coordination, you can think about the move, painting, new carpet, and the fun parts of getting your new home.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call 24/7 Mortgage at 8324072668. It's our job to answer lending questions, so we're happy to help!