About the Mortgage Loan Process
There is no question ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a 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.
Getting a mortgage loan involves four major milestones.
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? 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. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where Lighthouse Mortgage Company will begin to save you money. You will give us info about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we have reviewed all this info we give you a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! 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 shopping for your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
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 apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate 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 the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your closing date. Because you don't need to worry about these details, you can think about moving, paint colors, new carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are moving in! Lighthouse Mortgage Company is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Lighthouse Mortgage Company at (916) 434-8915. It's our job to answer lending questions, so we're happy to help!