How the Mortgage Loan Process Works
There is no question ; getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to fill out a one-page loan app and get 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 loan involves four major steps.
Step one: Decide how much you can afford
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. 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 process really begins and Nationwide Home Loans can really save you money. You will give us details on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we have gone over all this info we give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new home with your real estate agent, we find the best program for you.
After you've made an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Since you don't need to coordinate this process, you get to think about moving logistics, painting, new carpet, and all the details of moving into your new house.
You've answered some few questions, provided lots of information, applied , and Before you know it, you're moving in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Nationwide Home Loans at (562) 693-5048. Nationwide Home Loans answers loan process questions every day.