About the Mortgage Loan Process
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be here on our site if it were possible to complete a one-page application and get the best loan funded in one day. 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.
Getting a loan involves four major steps.
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. 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 the process really begins and you save the most money. You will provide information on your employment, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. We will go over all this information then give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan that's just right for your situation.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply any time 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" of the loan and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Because you won't need to coordinate this process, you can think about moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you are moving in! Lighthouse Mortgage Company is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Lighthouse Mortgage Company at (916) 434-8915. We answer questions about the loan process every day.