The Loan Process: an Overview
No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be visiting our site if you could complete a one-page mortgage application and get an excellent loan funded in one day. But Nationwide Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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: complete a pre-qualification
This step is where Nationwide Home Loans will start saving you money. You will provide info about your employment, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out your new home, we are looking for the best loan program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get 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
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date of closing. Since you won't have to worry about these details, you can think about moving, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! We do the legwork 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. It's our job to answer lending questions, so we're happy to help!