How the Loan Process Works
No doubt, quite a lot involved when you get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with a simple application. But Strategic Home Loans, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where Strategic Home Loans, Inc. will begin saving you money. You will give us information about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). We will go over all this information then will give you a pre-qualification letter. Handle it with care — it can be a useful tool when you make your offer! Your REALTOR® should use the 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 real estate 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, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company on your date of closing. Because you won't have to coordinate this process, you get to think about moving, if you're going to repaint, new carpet, and the details involved in getting your new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! 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 Strategic Home Loans, Inc. at (805) 496-7500. We answer questions about the loan process every day.