The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's a lot to do in oder to get a mortgage. You wouldn't be visiting our website if it were possible to fill out a simple loan application and get a great loan funded the same day. But Lighthouse Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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 the process really begins and you save the most money. You will supply details about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have reviewed this info we will give you a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we're busy finding the loan that's just right for you.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your closing date. Because you don't have to worry with this coordination, you get to think about the move, painting, new carpet, and all the details of moving into a new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! Lighthouse Mortgage Company is a mortgage specialist; 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. We answer questions about the loan process every day.