The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. 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 milestones.
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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 the process really begins and Nationwide Home Loans can really save you money. You will provide details about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! 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 shopping for your new home with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your closing date. Because you won't need to worry about these details, you can think about moving, paint colors, new carpet, and the fun parts of getting your new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're deciding when to move in! We take care of the loan details so you can focus on finding your new home.
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!