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

No doubt, a lot involved in oder to get a mortgage loan. You would not be looking up loan information if you could get a mortgage 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 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 the rubber meets the road and you save the most money. You will supply info about your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

Once you've made the offer and the sellers have accepted, you should complete the loan application. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.

Step four: funding

Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with this company to set your date of closing. Since you will not need to worry about these details, you can concentrate on moving, paint colors, new carpet, and the details involved in moving into your new home.

You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving! We take care of 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. Lear Financial Group LLC. answers loan process questions every day.