How the Mortgage Loan Process Works
No doubt, a lot involved in oder to get a mortgage. You wouldn't be visiting our site if you could complete a one-page mortgage application and get an excellent loan check cut in one day. But Howard Financial does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 step is where Howard Financial will begin to save you money. You will provide info about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have gone over this information we provide a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan that's just right for your situation.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for your loan couldn't get 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
Your real estate agent and the seller's will work together to find 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 will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your date to close. Because you will not have to worry with this coordination, you can concentrate on moving logistics, painting, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We take care of all the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Howard Financial at (610) 889-7467. Howard Financial answers loan process questions every day.