The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's little doubt that getting a mortgage loan is a complex process. You wouldn't be visiting our website if you could fill out a simple application and get the best loan funded 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 obtaining a loan.
Step one: Decide on your maximum loan amount
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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will supply info on your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we have gone over all this info we will provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.
After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Because you won't have to coordinate this process, you get to concentrate on moving logistics, painting, new carpet, and the fun parts of getting your new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! 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.