An Overview of the Loan Process
There can be no doubt that getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a simple loan app and get a great loan check cut in one day. But Nationwide Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
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? 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 step is where Nationwide Home Loans will start saving you money. You will give us information about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we are looking for the best loan program for you.
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not get much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll work 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 do all the work to coordinate with the title company on your date of closing. Since you will not need to worry about these details, you can think about the move, if you're going to repaint, new carpet, and the details involved in getting a new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! Nationwide Home Loans is in the business of loans; you're not — so take care of the details. Doesn't that sound nice?
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!