The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

There is little doubt ; getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if you could get a loan in a single 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 primary steps involved in obtaining a 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. 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 process really begins and you save the most money. You will provide information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we have gone over all this information we provide a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

After you've signed an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: your loan is funded

Your REALTOR® and the seller's will coordinate to decide on a 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 all these papers at their officeWe do all the work to work with with the title company on your date to close. Because you don't have to coordinate this process, you can think about the move, paint colors, carpet, and the details involved in moving into a new house.

You've answered some few questions, provided detailed information, applied , and before you know it, you're deciding when to move in! Lear Financial Group LLC. is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?

Have questions about the loan process? Call Lear Financial Group LLC. at 214-869-7339. It's our job to answer lending questions, so we're happy to help!