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 you could complete a simple application and receive an excellent loan check cut in one day. 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 milestones.
Step one: Decide how much you can afford
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. 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: pre-qualify for your loan
This step is where Affirm Home Loans will start to save you money. You will supply info about your current job, assets, and your residence history. You'll supply your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! 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 deciding on your new home, we're busy finding the loan that's right for your situation.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. At the end of this step, 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 coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Because you will not have to worry about these details, you can concentrate on moving logistics, paint colors, new carpet, and the fun parts of getting a new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Affirm Home Loans at (972) 292-0448. We answer questions about the loan process every day.