About the Mortgage Loan Process
There's no doubt that getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive an excellent loan check cut the same day. But Nationwide Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
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. 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 will start saving you money. You will give us info about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. 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've made an 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 website. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Because you won't need to worry about these details, you get to think about moving logistics, if you're going to repaint, carpet, and the details involved in getting a new house.
You've answered a few questions, given us lots of information, applied online, and before you know it, you're deciding when to move in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Nationwide Home Loans at 5626935048. Nationwide Home Loans answers loan process questions every day.