The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's quite a lot involved in oder to get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But Mortgage Headquarters of Missouri, Inc does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? 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: complete a pre-qualification
This step is where Mortgage Headquarters of Missouri, Inc will begin saving you money. You will provide details on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we have reviewed all this information we provide a pre-qualification letter. Be careful with this letter — it is a useful tool for buying your new home! Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy finding the loan that's right for your situation.
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Since you don't have to worry with this coordination, you can concentrate on the move, painting, new carpet, and the fun parts of getting a new house.
You've answered some few questions, provided lots of information, applied , and before you know it, you are deciding when to move in! Mortgage Headquarters of Missouri, Inc is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Mortgage Headquarters of Missouri, Inc at 5733029990. We answer questions about the loan process every day.