The Mortgage Loan Process: an Overview
There's little question that getting a mortgage is a complicated process. You wouldn't be here on our site if you could complete a one-page loan app and receive the best loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. 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 is where the rubber meets the road and Affirm Home Loans can really save you money. You will supply info on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. After we have gone over this info we will give you a pre-qualification letter. Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for your new home with your real estate agent, we find the best program for you.
After you've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure the papers your lender needs are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company on your closing date. Since you will not need to coordinate this process, you can think about moving, paint colors, new carpet, and the details involved in getting your new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! Affirm Home Loans is a mortgage specialist; you're not — so we 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.