The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, quite a lot to do when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Nationwide Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: determine how much you can borrow
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 the rubber meets the road and Nationwide Home Loans can really save you money. You will give us info about your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll review this information then will give you a pre-qualification letter. Be careful with this letter — it is a great tool for buying your new home! Your REALTOR® will likely 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 a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with the title company on your date of closing. Because you don't need to coordinate this process, you get to concentrate on moving, painting, carpet, and the details involved in moving into a new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving! We take care of all the loan details so you can focus on finding your new home.
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!