How the Mortgage Loan Process Works
No doubt, quite a lot involved when you get a mortgage. You wouldn't be researching mortgage loans if you could get a mortgage loan in one 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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? Use the calculators on our website to determine your monthly payment amount. 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 step is where Lear Financial Group LLC.
will start to save you money. You will provide information on your current job, 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 (with your permission, of course). After we have gone over all this information we provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy researching the loan program that's just right for your situation.
Step three: apply now! We make it easy
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 site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date of closing. Since you won't need to worry about these details, you get to think about the move, if you're going to repaint, carpet, and the details involved in moving into a new home.
You've answered some few questions, provided lots of information, applied , and before you know it, you're moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
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.