An Overview of the Loan Process
No doubt, a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage 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 main steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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. 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 give us info about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to run your credit score and report. We will go over all this information then will give you a pre-qualification 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 the home that's right for you, we're busy finding the loan that's just right for you.
After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will require are avaiailable, 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 won't have to worry about these details, you can concentrate on moving logistics, paint colors, new carpet, and all the details of moving into a new home.
You've answered a few questions, provided lots of information, applied , and before you know it, you are moving in! Nationwide Home Loans is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Nationwide Home Loans at 5626935048. Nationwide Home Loans answers loan process questions every day.