The Four Steps of the Loan Process:The Loan Process: Four Steps
There's a lot involved when you get a mortgage. You wouldn't be here on our website if you could complete a one-page loan app and get an excellent loan funded 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.
There are four important steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 is where Howard Financial can begin saving you money. You will give us information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. When we review all this info we will give you a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! 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 deciding on the home that's right for you, we are finding the best loan for you.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, 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: funding
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your date to close. Since you don't have to worry with this coordination, you can think about moving logistics, painting, carpet, and all the details of moving into your new house.
You've answered some few questions, given us detailed information, applied , and before you know it, you are moving in! We take care of the mortgage legwork 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.