How the Mortgage Loan Process Works
No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be visiting our site if it were possible to complete a simple loan app and receive an excellent loan check cut the same day. 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 how much you can afford
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? 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. 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 process really begins and you save the most money. You will supply details about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your real estate agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender will need 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 to close. Because you won't have to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in moving into a new house.
You've answered a few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! Affirm Home Loans is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Affirm Home Loans at (972) 292-0448. Affirm Home Loans answers loan process questions every day.