How the Mortgage Loan Process Works
Make no mistake, there's a lot involved in oder to get a mortgage. 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 Affirm Home Loans 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: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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 is where the process really begins and you save the most money. You will provide info on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). We'll review this information and provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Because you won't need to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! Affirm Home Loans is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Affirm Home Loans at (972) 292-0448. Affirm Home Loans answers loan process questions every day.