The Mortgage Loan Process: an Overview
There's little doubt ; getting a mortgage is a complicated process. You wouldn't be here on our website if you could fill out a one-page loan app and receive an excellent loan funded in one day. But Saab Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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. 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: complete a pre-qualification
This is where the rubber meets the road and Saab Mortgage can really save you money. You will provide information on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Your REALTOR® will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your agent, we find the best program for you.
Once you've made the offer and it's been accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company on your date to close. Since you won't need to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of moving into a new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! Saab Mortgage is in the business of loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Saab Mortgage at 703-288-0777. We answer questions about the loan process every day.