How the Loan Process Works
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There's no doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could complete a simple mortgage application and receive the best loan check cut in one day. But Sam Giannakakis does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. 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? 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 questions. Based on standard lender guidelines, I'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us details on your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll give you a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your real estate agent, I find the best program for you.
Step three: apply for your loan
Once you have made an offer and it's been accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, I'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure the papers your lender will require are available, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your closing date. Because you don't have to worry about these details, you get to concentrate on the move, if you're going to repaint, new carpet, and the details involved in moving into your new house.
You've answered some few questions, given me detailed information, applied online, and Before you know it, you'll be moving! Sam Giannakakis is a mortgage specialist; you're not — so I do the work. Doesn't that make sense?