An Overview of the Mortgage Loan Process

There is no doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our website if it were possible to fill out a simple mortgage application and receive an excellent loan check cut the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.

Getting a home loan involves four major milestones.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification

This is where Lear Financial Group LLC. can start to save you money. You will give us info on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. We will review all this information then give you a letter of pre-qualification. Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new house with your agent, we find the best program for you.

Step three: apply for your loan

After you've made the 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 website. When the time is right, we will order an appraisal of your new home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your closing date. Because you will not need to worry with this coordination, you can concentrate on moving logistics, painting, new carpet, and the fun parts of getting a new home.

You've answered some few questions, provided lots of information, applied , and the next thing you know, you're moving in! We take care of the loan details so you can spend your time finding your new home.

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.