The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps

Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day with 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.

There are four main steps involved in getting a loan.

Step one: Decide how much you can afford

A couple of factors determine this amount. 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.

Step two: complete a pre-qualification

This step is where Nationwide Home Loans will start saving you money. You will give us details about your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). When we review all this info we will give you a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and it's been accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. Finally, we will order an appraisal of your new home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date to close. Because you won't need to coordinate this process, you can think about the move, paint colors, carpet, and the fun parts of getting a new house.

You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! Nationwide Home Loans is in the business of mortgage 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. We answer questions about the loan process every day.