The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be no question ; getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. 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 milestones.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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 information on your current job, your 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. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your real estate agent 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.
Once you've made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our site. When the time is right, we'll 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" and closing. We'll work with this company to ensure the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company on your closing date. Since you will not have to coordinate this process, you get to concentrate on moving, if you're going to repaint, carpet, and all the details of moving into your new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you are 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 Augusta Mortgage Solutions at 7068605514. We answer questions about the loan process every day.