The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day with 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.
Getting a loan involves four major steps.
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? 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. 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 is where the process really begins and you save the most money. You will provide info about your current job, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we have reviewed this info we will provide a letter of pre-qualification. Handle it with care — it is a great tool when you make your offer! Your agent will use the 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 looking for a new house with your agent, we find the best program for you.
After you've signed an offer and the sellers accept it, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your date to close. Because you will not have to coordinate this process, you get to concentrate on moving logistics, paint colors, carpet, and the details involved in moving into a new home.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Hawk Mortgage Group at (443) 619-7900. We answer questions about the loan process every day.