The Loan Process: an Overview
There's quite a lot involved in oder to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and receive the best loan funded in one day. But Lighthouse Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. We'll also help you through different scenarios by asking a few simple questions. 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 the process really begins and you save the most money. You will give us info about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). When we review all this info we provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Once you have signed the 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 site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your date to close. Since you don't have to worry about these details, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Lighthouse Mortgage Company at (916) 434-8915. Lighthouse Mortgage Company answers loan process questions every day.