How the Mortgage Loan Process Works
There can be little question ; getting a mortgage is a complex process. You wouldn't be here on our site if you could fill out a one-page application and receive an excellent loan check cut in one day. 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 on your maximum loan amount
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. 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: pre-qualify for your loan
This step is where Nationwide Home Loans will start saving you money. You will supply info about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. We will go over all this info and will provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your closing date. Because you won't need to coordinate this process, you get to think about the move, paint colors, carpet, and the details involved in getting a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! Nationwide Home Loans is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Nationwide Home Loans at (562) 693-5048. Nationwide Home Loans answers loan process questions every day.