The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be no question that getting a mortgage loan is a complex process. You wouldn't be here on our website if you could fill out a simple application and get 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
This is a function of a couple things. 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? 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. 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: pre-qualify for your loan
This is where the process really begins and Affirm Home Loans can really save you money. You will supply info about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we are researching the best loan for you.
Step three: apply now! We make it easy
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply 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 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 make sure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date of closing. Because you won't need to coordinate this process, you get to think about the move, paint colors, new carpet, and the details involved in moving into a new house.
You've answered some few questions, provided detailed information, applied , and before you know it, you are moving in! Affirm Home Loans is in the business of loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Affirm Home Loans at (972) 292-0448. It's our job to answer lending questions, so we're happy to help!