The Mortgage Loan Process: an Overview
There's little doubt ; getting a mortgage is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
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? Use the calculators on our website to determine your monthly payment amount. 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 Howard Financial can start to save you money. You will supply info about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton 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 deciding on your new home, we are finding the best loan program for you.
After you've signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, 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. We'll coordinate with this company to make sure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your date of closing. Because you won't need to worry about these details, you get to think about moving, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! Howard Financial is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Howard Financial at (610) 889-7467. Howard Financial answers loan process questions every day.