About the Mortgage Loan Process
There is no doubt ; getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a loan in one 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 on your maximum loan amount
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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will provide information about 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 finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your closing date. Since you don't have to worry about these details, you can think about moving logistics, paint colors, new carpet, and the details involved in moving into your new house.
You've answered some few questions, provided detailed information, applied , and before you know it, you are moving in! Lighthouse Mortgage Company is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Lighthouse Mortgage Company at (916) 434-8915. Lighthouse Mortgage Company answers loan process questions every day.