An Overview of the Loan Process
No doubt, quite a lot to do when you get a mortgage. You wouldn't be here on our site if you could complete a one-page loan app and get a great loan check cut in one day. 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.
Getting a loan involves four major milestones.
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 process really begins and you save the most money. You will give us information about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we have reviewed this info we give you a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. Finally, 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 designate an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date to close. Since you will not need to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and all the details of moving into your new home.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Mortgage Headquarters of Missouri, Inc at 5733029990. We answer questions about the loan process every day.