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

There can be little doubt ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a one-page loan app and receive an excellent loan check cut the same day. We do 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: pre-qualify for your loan

This is where Nationwide Home Loans can start saving you money. You will supply details about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). When we review all this information we will give you a letter of pre-qualification. Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home 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 real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your closing date. Since you will not have to coordinate this process, you get to concentrate on the move, painting, carpet, and all the details of moving into a new home.

You've answered a few questions, given us lots of information, applied online, and the next thing you know, you're moving in! We take care of the legwork so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Nationwide Home Loans at 5626935048. It's our job to answer lending questions, so we're happy to help!