The Loan Process: an Overview
Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be visiting our website if you could complete a simple loan app and receive 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. 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. 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 process really begins and you save the most money. You will give us information on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. When we review this information we give you a pre-qualification letter. 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 your new home, we are finding the best loan for you.
Once you have signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company on your date of closing. Because you will not need to worry with this coordination, you get to concentrate on moving, if you're going to repaint, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving! Mortgage Headquarters of Missouri, Inc is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Mortgage Headquarters of Missouri, Inc at 5733029990. We answer questions about the loan process every day.