An Overview of the Mortgage Loan Process
No doubt, a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage 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.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 is where the rubber meets the road and you save the most money. You will provide details on your current job, your 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, of course). We will review this information then provide a letter of pre-qualification. Be careful with this letter — it is a useful tool for buying your new home! Your agent will likely use your 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 deciding on the home that's right for you, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your closing date. Since you won't have to worry about these details, you get to think about the move, paint colors, new carpet, and all the details of moving into a new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you'll be 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.