The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot to do in oder to get a mortgage loan. You wouldn't be visiting our website if it were possible to fill out a simple loan application and get an excellent loan check cut the same day. But SelectPlus Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: determine how much you can borrow
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? 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. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us info on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. When we review this information we will give you a pre-qualification letter. 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 looking for a new house with your agent, we find the best program for you.
Once you have made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't be much easier; you can apply right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company on your date of closing. Since you won't need to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, carpet, and all the details of moving into your new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call SelectPlus Lending at 844-773-1401. It's our job to answer lending questions, so we're happy to help!