How the Loan Process Works
There is little doubt that getting a mortgage is a complex process. You wouldn't be here on our website if you could complete a one-page application and receive the best loan funded in one 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 loan.
Step one: Decide on your maximum loan amount
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. 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 Saab Mortgage can begin saving you money. You will give us information about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). When we review all this info we will give you a pre-qualification letter. Your REALTOR® will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy researching the loan that's just right for your situation.
Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your date of closing. Because you don't have to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving! 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 Saab Mortgage at 703-288-0777. Saab Mortgage answers loan process questions every day.