The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be little question ; getting a mortgage loan is a complex process. You wouldn't be visiting our site if you could fill out a one-page loan application and receive the best loan funded in one 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 milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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 Howard Financial can really save you money. You will give us details about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. When we review this information we provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your agent, we find the best program for you.
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe work with with this company on your date to close. Since you will not need to worry about these details, you get to concentrate on moving logistics, painting, carpet, and the details involved in getting your new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Howard Financial at (610) 889-7467. Howard Financial answers loan process questions every day.