How the Loan Process Works
No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be visiting our site if you could fill out a one-page loan app and get a great loan funded in one day. But SelectPlus Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide how much you can afford
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. 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: pre-qualify for your loan
This is where the process really begins and SelectPlus Lending can really save you money. You will give us info about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. When we review all this info we will give you a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're looking for your new house with your real estate agent, we find the best program for you.
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan could not get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Since you don't have to worry with this coordination, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you're moving in! SelectPlus Lending is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call SelectPlus Lending at 818-889-7300. We answer questions about the loan process every day.