The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, quite a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in one day by filling out a simple application. But SelectPlus Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 SelectPlus Lending can really save you money. You will give us information on your current job, your assets, and 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, of course). After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy researching the loan program that's just right for your situation.
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on a title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your closing date. Since you will not need to coordinate this process, you get to concentrate on moving logistics, paint colors, new carpet, and all the details of moving into your new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call SelectPlus Lending at 818-889-7300. It's our job to answer lending questions, so we're happy to help!