The Mortgage Loan Process: an Overview
There's little question that getting a mortgage is a complicated process. You wouldn't be here on our site if you could complete a one-page loan app and receive a great loan funded in one 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 mortgage loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? 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. We'll also help you through different scenarios by asking a few simple questions. 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 process really begins and Nationwide Home Loans can really save you money. You will provide info about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we have reviewed all this information we give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Since you will not need to coordinate this process, you can think about the move, paint colors, new carpet, and all the details of moving into your new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the loan details 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. We answer questions about the loan process every day.