About the Mortgage Loan Process
There's quite a lot involved when you get a mortgage loan. You wouldn't be here on our website if it were possible to complete a simple application and get a great loan check cut the same 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.
There are four primary steps involved in getting a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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 the rubber meets the road and you save the most money. You will give us information about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy finding the loan program that's right for your unique situation.
Once you have made the offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. 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 find an escrow/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 needs are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date of closing. Since you don't need to worry about these details, you can think about moving, paint colors, carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! Lighthouse Mortgage Company is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Lighthouse Mortgage Company at (916) 434-8915. Lighthouse Mortgage Company answers loan process questions every day.