The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
In the market for a new mortgage? We will be glad to assist you! Call us at 4808226290. Want to get started? Apply Now
There's little doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to fill out a simple loan app and get the best loan funded the same day. But Citywide Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining 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? 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 amount 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 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us information about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). We'll go over all this information then will give you a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we are finding the best loan for you.
Step three: apply now! We make it easy
After you've signed the offer and the sellers have accepted, you should apply for the loan. 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 coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your closing date. Because you don't have to worry about these details, you can think about moving, if you're going to repaint, new carpet, and the fun parts of getting a new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! Citywide Home Loans is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Citywide Home Loans at 4808226290. Citywide Home Loans answers loan process questions every day.