The Mortgage Loan Process: an Overview

There's quite a lot to do when you get a mortgage. You wouldn't be here on our website if it were possible to complete a one-page loan app and get a great loan funded in one day. 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 main steps involved in getting a loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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? 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. 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: complete a pre-qualification

This is where the process really begins and Strategic Home Loans, Inc. can really save you money. You will supply information on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new house with your agent, we find the best program for you.

Step three: apply for your loan

Once you have signed the offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we will order an 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 of the sale. We'll work with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your date to close. Since you will not have to worry about these details, you can think about moving, paint colors, carpet, and the fun parts of getting your new home.

You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're deciding when to move in! Strategic Home Loans, Inc. is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?

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

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