The Loan Process: an Overview
There is little doubt that getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. 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 home loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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 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: pre-qualify for your loan
This is where the process really begins and Nationwide Home Loans can really save you money. You will provide info about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent will likely use your 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 shopping for a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not be much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will need 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 of closing. Because you don't need to worry about these details, you get to concentrate on moving logistics, painting, 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 the next thing you know, you're deciding when to move in! Nationwide Home Loans is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Nationwide Home Loans at (562) 693-5048. It's our job to answer lending questions, so we're happy to help!