The Mortgage Loan Process: an Overview
There can be no question ; getting a mortgage loan is a complex process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and get an excellent loan check cut 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 important steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 CHASE MORTGAGE, Inc. #317430 can really save you money. You will supply information on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. 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 picking out the home that's right for you, we're busy researching the loan that's just right for you.
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, 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
Your REALTOR® and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company on your date to close. Because you don't need 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 moving into a new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are moving in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call CHASE MORTGAGE, Inc. #317430 at 4357556622. It's our job to answer lending questions, so we're happy to help!