The Four Steps of the Loan Process:The Loan Process: Four Steps

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There's no doubt that getting a mortgage is a complicated process. You wouldn't be here on our site if it were possible to fill out a one-page loan application and receive an excellent 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.

There are four important steps involved in obtaining a mortgage loan.

Step one: Decide on your maximum loan amount

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? You can get a good idea of your preferred payment amount 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: complete a pre-qualification

This is where the process really begins and you save the most money. You will give us info on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualification letter. Your REALTOR® should use the 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 house with your real estate agent, we find the best program for you.

Step three: apply for your loan

Once you've made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our site. When the time is right, we'll order the appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe work with with the title company on your closing date. Because you will not need to coordinate this process, you can concentrate on moving logistics, painting, new carpet, and all the details of getting your new home.

You've answered some few questions, provided detailed information, applied , and the next thing you know, you're moving in! We take care of all the loan details so you can spend your time finding your new home.

Have questions about the loan process? Call Diane Giannelli at (760) 415-7982. Diane Giannelli answers loan process questions every day.

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