The Loan Process: an Overview
Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be here on our website if it were possible to fill out a one-page mortgage application and receive the best loan check cut the same 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.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
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 the rubber meets the road and Mortgage 1, Inc. can really save you money. You will give us info on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. When we review this information we will give you a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we're busy finding the loan that's right for you.
Once you've made an offer and it's been accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are in order, and you will probably likely sign all these papers at this company's office. We do all the work to coordinate with this company to set your closing date. Because you will not have to worry about these details, you can think about moving logistics, paint colors, carpet, and the details involved in moving into your new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! Mortgage 1, 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 Mortgage 1, Inc. at 810-444-0024. Mortgage 1, Inc. answers loan process questions every day.