How the Mortgage Loan Process Works
There can be little doubt that getting a mortgage loan is a complex process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive a great loan funded in one day. But Howard Financial does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us details on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing this 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 looking for your new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. Finally, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date to close. Since you won't have to worry with this coordination, you get to think about the move, painting, carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're moving in! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Howard Financial at (610) 889-7467. We answer questions about the loan process every day.