How the Loan Process Works
There can be no doubt that getting a mortgage is a complicated process. You wouldn't be looking up loan information if you could 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.
There are four primary steps involved in obtaining a mortgage loan.
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. 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 is where Lighthouse Mortgage Company will start saving you money. You will provide details on your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your agent, we find the best program for you.
After you've signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date of closing. Since you won't have to coordinate this process, you get to concentrate on moving, if you're going to repaint, new carpet, and all the details of getting your new house.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you are moving in! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Lighthouse Mortgage Company at (916) 434-8915. Lighthouse Mortgage Company answers loan process questions every day.