The Mortgage Loan Process: an Overview
There's no question ; getting a mortgage is a complicated process. You wouldn't be here on our website if it were possible to complete a one-page loan app and get a great loan check cut the same day. But Howard Financial does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan
This is where the rubber meets the road and Howard Financial can really save you money. You will give us info about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). We will review all this info and will give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we are finding the loan that best fits your needs.
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. At the end of this step, 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 need are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date of closing. Because you will not need to worry about these details, you can concentrate on moving, painting, new carpet, and the details involved in getting your new home.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Howard Financial at (610) 889-7467. We answer questions about the loan process every day.