How the Loan Process Works
There is no question ; getting a mortgage is a complex process. You wouldn't be visiting our website if you could complete a simple loan app and get a great 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 home loan involves four major steps.
Step one: Decide how much you can afford
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. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most 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 run your credit score and report. We will go over this info then provide a letter of pre-qualification. Handle it with care — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan program that's just right for your unique situation.
Once you have made the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent 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 work with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with this company to set your closing date. Since you will not need to coordinate this process, you can think about the move, if you're going to repaint, new carpet, and the details involved in moving into your new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! Nationwide Home Loans is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
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!