How the Loan Process Works
No doubt, quite a lot to do in oder to get a mortgage. You wouldn't be visiting our site if it were possible to complete a simple application and get a great 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.
There are four primary steps involved in getting a loan.
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? 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 Nationwide Home Loans will start to save you money. You will give us info about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you have signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
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 needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company on your closing date. Because you will not need to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided detailed information, applied , and before you know it, you are deciding when to move 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 5626935048. We answer questions about the loan process every day.