The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot involved in oder to get a mortgage loan. You wouldn't be here on our website if you could fill out a simple application and get an excellent loan check cut 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 steps.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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: pre-qualify for your loan
This is where the process really begins and Nationwide Home Loans can really save you money. You will supply info about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton 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.
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply any time 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: your loan is funded
Your real estate agent and the seller's will coordinate to decide on a title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Since you won't have to worry about these details, you get to concentrate on moving logistics, painting, carpet, and the fun parts of getting your new home.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're moving in! We take care of all 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. It's our job to answer lending questions, so we're happy to help!