The Mortgage Loan Process: an Overview
No doubt, quite a lot involved when you get a mortgage loan. You would not be looking up loan information if you could get a loan in one day with a simple application. 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
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. 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 step is where Howard Financial can begin saving you money. You will supply information about your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton 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 picking out the home that's right for you, we are researching the best loan program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. Finally, we'll order the 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 require are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Because you don't need to worry with this coordination, you can think about moving, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! Howard Financial is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Howard Financial at (610) 889-7467. It's our job to answer lending questions, so we're happy to help!