The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's no doubt ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in a single day by filling out a simple application. But Agape Home Mortgage, LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 supply info about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be 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 shopping for your new home with your real estate agent, we find the best program for you.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your date to close. Since you don't have to worry about these details, you get to concentrate on moving, if you're going to repaint, carpet, and the details involved in moving into a new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving! Agape Home Mortgage, LLC is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Agape Home Mortgage, LLC at 503-243-5626. We answer questions about the loan process every day.