An Overview of the Mortgage Loan Process
There is little question ; getting a mortgage is a complicated process. You would not be looking up loan information if you could get a mortgage loan in a single day with a simple application. But Lighthouse Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide information about your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new house with your REALTOR™, we find the best program for you.
Once you have made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date of closing. Since you will not have to worry with this coordination, you get to think about the move, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving! Lighthouse Mortgage Company is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Lighthouse Mortgage Company at (916) 434-8915. Lighthouse Mortgage Company answers loan process questions every day.