The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be no question ; getting a mortgage is a complicated process. You wouldn't be visiting our site if it were possible to complete a one-page loan app and get an excellent loan funded in one 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 mortgage 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 Lear Financial Group LLC.
can start saving you money. You will supply information on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should apply for the loan. It couldn't be easier, 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: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date to close. Since you will not need to worry about these details, you can concentrate on moving, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! Lear Financial Group LLC.
is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
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!