An Overview of the Loan Process
There can be little doubt that getting a mortgage loan is a complex process. You would not be looking up loan information if you could get a loan in one day by filling out a simple application. 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 primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will give us information on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We'll review this information then provide a letter of pre-qualification. Handle it with care — it is a useful tool for buying your new home! Your agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe coordinate with this company to set your closing date. Since you don't need to worry with this coordination, you get to concentrate on moving, painting, new carpet, and the fun parts of getting a new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Hawk Mortgage Group at (443) 619-7900. It's our job to answer lending questions, so we're happy to help!