The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's little doubt that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to fill out a one-page application and get the best loan funded in one day. But Affirm Home Loans does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: determine how much you can borrow
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification
This step is where Affirm Home Loans can begin saving you money. You will supply details about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. We'll review this information then give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your REALTOR™, we find the best program for you.
After you've made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with this company to set your date of closing. Because you don't have to coordinate this process, you can concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are deciding when to move in! Affirm Home Loans is a mortgage specialist; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Affirm Home Loans at (972) 292-0448. Affirm Home Loans answers loan process questions every day.