The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's no question that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if you could get a loan in a single day by filling out a simple application. But Sky Apply Mortgage, Inc 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 how much you can afford
This is a function of a couple things. 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. 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 the process really begins and you save the most money. You will supply details about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. We will review this information then give you a pre-qualification letter. 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're busy researching the loan that's right for you.
After you've signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a 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 in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your closing date. Since you won't need to coordinate this process, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Sky Apply Mortgage, Inc at (813) 200-7931. We answer questions about the loan process every day.