How the Mortgage Loan Process Works
There's 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 mortgage loan in a single day with a simple application. 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 primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 is where the process really begins and Saab Mortgage can really save you money. You will supply details about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! Your REALTOR® will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your 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 your loan could not get much easier; you can apply any time right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company to set your date to close. Since you will not have to coordinate this process, you can concentrate on the move, paint colors, new carpet, and the details involved in moving into a new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you are moving in! We do the legwork so you can focus on finding your new home.
Have questions about the loan process? Call Saab Mortgage at 703-288-0777. We answer questions about the loan process every day.