About the Mortgage Loan Process
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in one day with 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.
There are four important steps involved in getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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 the rubber meets the road and Absolute Mortgage, a Division of Finance of America Mortgage, LLC can really save you money. You will provide information on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we are researching the best loan program for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date of closing. Because you will not need to worry with this coordination, you get to think about moving logistics, paint colors, carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you're moving! We take care of 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 Absolute Mortgage, a Division of Finance of America Mortgage, LLC at 253-848-1255. It's our job to answer lending questions, so we're happy to help!