An Overview of the Loan Process
There is little question that getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a loan in one day by filling out a simple application. 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 loan involves four major steps.
Step one: determine how much you can borrow
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? 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 the rubber meets the road and Nationwide Home Loans can really save you money. You will give us details about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. When we review this info we give you a pre-qualification letter. Be careful with this letter — it is a useful tool when you make your offer! Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we're busy researching the loan program that's just right for your unique situation.
Once you have made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company on your date of closing. Since you won't need to worry with this coordination, you can concentrate on moving logistics, painting, new carpet, and the fun parts of getting a 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! Nationwide Home Loans is in the business of mortgage loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Nationwide Home Loans at 5626935048. We answer questions about the loan process every day.