An Overview of the Loan Process
There's quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out a simple application. 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 main steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? 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 can start saving you money. You will give us details on your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we have reviewed all this information we provide a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! Your agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we are researching the loan that best fits your needs.
After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be 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'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company to set your closing date. Because you will not have to coordinate this process, you can think about the move, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving! Lighthouse Mortgage Company is in the business of mortgage loans; you're not — so we do the work. 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.