An Overview of the Mortgage Loan Process

There can be no doubt that getting a mortgage is a complicated process. You wouldn't be looking up loan information if it were possible to get a loan in a single day by filling out a simple application. But Lear Financial Group LLC. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a home loan involves four major steps.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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? 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. 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 you save the most money. You will supply information about your employment, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you have made the offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your date of closing. Because you don't have to worry about these details, you get to concentrate on moving, paint colors, carpet, and all the details of moving into your new house.

You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! Lear Financial Group LLC. 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 Lear Financial Group LLC. at 214-869-7339. Lear Financial Group LLC. answers loan process questions every day.