The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's no doubt ; getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. 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.
There are four important steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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: complete a pre-qualification
This is where Saab Mortgage can begin saving you money. You will give us information on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). When we review this information we give you a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and 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 the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company to set your date of closing. Since you will not need to worry about these details, you get to concentrate on the move, painting, new carpet, and all the details of getting 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 a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Saab Mortgage at 7032880777. Saab Mortgage answers loan process questions every day.