The Four Steps of the Loan Process:The Loan Process: Four Steps

Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our site if you could fill out a simple loan app and get the best loan funded in one 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 steps.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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? 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 Nationwide Home Loans can start to save you money. You will give us information on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order an appraisal of your new home.

Step four: your loan is funded

Your real estate agent and the seller's will coordinate to decide on a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company to set your date to close. Since you don't have to worry about these details, you get to concentrate on moving, painting, carpet, and the details involved in moving into your new house.

You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We take care of the loan details 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. Nationwide Home Loans answers loan process questions every day.

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