The Mortgage Loan Process: an Overview
Make no mistake, there's a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day by filling out a simple application. We do 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 primary 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? 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: pre-qualify for your loan
This is where Strategic Home Loans, Inc. will start to save you money. You will give us details on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we have reviewed all this info we provide a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your real estate agent 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 now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to work with with this company on your closing date. Since you don't need to worry with this coordination, you get to concentrate on the move, paint colors, new carpet, and the fun parts of getting your new house.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you're moving in! We take care of 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. We answer questions about the loan process every day.