The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be no doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could fill out a simple application and get an excellent loan check cut in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
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. 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 step is where SelectPlus Lending can start to save you money. You will provide information 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. After we've finished reviewing 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 your new home, we are looking for the best loan for you.
Once you've made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we will order an appraisal of your new 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 work 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 this company to set your date to close. Because you will not need to worry about these details, you can think about moving, painting, new carpet, and the fun parts of getting a new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call SelectPlus Lending at 818-889-7300. We answer questions about the loan process every day.