The Four Steps of the Loan Process:The Loan Process: Four Steps
No doubt, a lot involved in oder to get a mortgage. You wouldn't be visiting our website if you could complete a simple loan app and get the best loan funded in one day. We do 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 mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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. 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: complete a pre-qualification
This is where Lighthouse Mortgage Company will begin saving you money. You will give us details about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. We'll review all this info and give you a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your closing date. Because you won't need to worry with this coordination, you get to concentrate on the move, paint colors, carpet, and the details involved in getting a new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! Lighthouse Mortgage Company is in the business of loans; you're not — so take care of the details. 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.