The Mortgage Loan Process: an Overview
There is no doubt that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if you could get a loan in one day with a simple application. But Nationwide Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a 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? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will supply info on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your real estate agent, we find the best program for you.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't get 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 submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Since you will not have to worry with this coordination, you get to think about moving, if you're going to repaint, new carpet, and all the details of getting your new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! Nationwide Home Loans is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Nationwide Home Loans at (562) 693-5048. Nationwide Home Loans answers loan process questions every day.