The Four Steps of the Loan Process:The Loan Process: Four Steps

There's no doubt ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if you could get a 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 getting 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 process really begins and you save the most money. You will provide info on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date of closing. Because you won't have to coordinate this process, you can concentrate on moving, paint colors, new carpet, and the fun parts of getting a new home.

You've answered some few questions, provided detailed information, applied , and the next thing you know, you're moving in! We do the legwork so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Augusta Mortgage Solutions at 7068605514. We answer questions about the loan process every day.