An Overview of the Mortgage Loan Process
There is no doubt that getting a mortgage loan is a complicated process. You would not be looking up loan information if you could get a mortgage loan in a single day with 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 loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. 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 step is where Affirm Home Loans will begin saving you money. You will provide info on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Your real estate agent should use your 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 deciding on the home that's right for you, we are finding the best loan program for you.
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Because you don't have to worry with this coordination, you get to think about moving, if you're going to repaint, carpet, and the fun parts of getting a new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Affirm Home Loans is in the business of loans; you're not — so we do the work. 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.