How the Loan Process Works
There's quite a lot involved when you get a mortgage. You wouldn't be visiting our website if you could fill out a one-page mortgage application and get a great loan check cut the same day. But Nationwide Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
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? 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. 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 step is where Nationwide Home Loans will start to save you money. You will give us information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy finding the loan program that's just right for your unique situation.
Once you have signed the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Since you don't need to worry with this coordination, you can think about moving, if you're going to repaint, new carpet, and the fun parts of getting a new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you are deciding when to move in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
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!