An Overview of the Loan Process

There is no doubt ; getting a mortgage is a complicated process. You wouldn't be visiting our website if it were possible to fill out a one-page loan application and get a great loan funded 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.

There are four main steps involved in obtaining a mortgage loan.

Step one: Decide how much you can afford

This is a function of a couple things. 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? Use the calculators on our website to determine your monthly payment amount. 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 is where the rubber meets the road and you save the most money. You will give us details about your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing 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! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new home with your REALTOR™, we find the best program for you.

Step three: apply for your loan

After you've signed an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. Finally, we will order the appraisal of your new home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company to set your date of closing. Since you will not have to worry about these details, you get to think about moving, paint colors, new carpet, and the details involved in moving into a new home.

You've answered a few questions, provided detailed information, applied online, and before you know it, you are moving in! We do the legwork so you can spend your time finding your new home.

Have questions about the loan process? Call Strategic Home Loans, Inc. at (805) 496-7500. Strategic Home Loans, Inc. answers loan process questions every day.

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