How the Loan Process Works

There can be little question that getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to complete a one-page loan app and receive the best loan check cut in one day. 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 loan involves four major milestones.

Step one: Decide how much you can afford

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? 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: complete a pre-qualification

This is where Howard Financial will start to save you money. You will supply information on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. When we review this information we will provide a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we are looking for the loan that best fits your needs.

Step three: apply now! We make it easy

Once you have made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we will order the appraisal of your new home.

Step four: your loan is funded

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to make sure the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe work with with the title company to set your date of closing. Since you will not need to coordinate this process, you can think about moving, if you're going to repaint, new carpet, and the fun parts of moving into a new home.

You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are 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. We answer questions about the loan process every day.

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