The Loan Mortgage Process: Four Steps
There is no question that getting a mortgage is a complex process. You wouldn't be here on our site if you could fill out a simple loan app and get the best loan funded 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.
Step One: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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. 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 rubber meets the road and you save the most money. You will provide information about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. We will go over all this info then will give you a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan program that's right for you.
Once you have made the offer and the sellers have accepted, it's time to 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 the appraisal of your new home.
Step Four: Your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender will need are available, and you'll probably sign all these papers at their office. We will coordinate with this company to set your date of closing. Since you will not have to worry about these details, you can think about the move, if you're going to repaint, carpet, and the details involved in getting your new home.
After you have answered a few questions, given us lots of information, and applied, you're ready to move in! Straight Talk Lending is a mortgage specialist; you're not — so let the experts do the work. Doesn't that make sense?