The Mortgage Loan Process: an Overview
No doubt, quite a lot to do in oder to get a mortgage loan. You would not be looking up loan information if you could get a loan in a single day with a simple application. But Lear Financial Group LLC.
does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 abount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This step is where Lear Financial Group LLC.
can start to save you money. You will provide info on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will review all this info then will give you a letter of pre-qualification. Handle it with care — it can be a great tool for buying your new home! Your real estate agent 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 shopping for a new home with your agent, we find the best program for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a 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 once it's approved. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date to close. Because you will not have to coordinate this process, you get to concentrate on moving, paint colors, new carpet, and all the details of getting a new home.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you're deciding when to move in! We do the mortgage legwork so you can focus on finding your new home.
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!