The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is little doubt ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day by filling out 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 home loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 the rubber meets the road and Absolute Mortgage, a Division of Finance of America Mortgage, LLC can really save you money. You will provide details on your employment, assets, and 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. We will go over this info and will give you a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we're busy researching the loan program that's right for you.
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date of closing. Since you don't have to worry with this coordination, you get to think about the move, paint colors, carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided detailed information, applied , and before you know it, you are moving in! 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 Absolute Mortgage, a Division of Finance of America Mortgage, LLC at 253-848-1255. Absolute Mortgage, a Division of Finance of America Mortgage, LLC answers loan process questions every day.