The Mortgage Loan Process: an Overview
There can be no question ; getting a mortgage is a complex process. You wouldn't be here on our website if you could complete a simple loan app and receive an excellent loan check cut 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.
Getting a loan involves four major steps.
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? 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. 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 you save the most money. You will give us information about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (with your permission, of course). We will review this information then will provide a pre-qualification letter. Be careful with this letter — it is a great tool for buying your new home! 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 deciding on your new home, we're busy finding the loan that's just right for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender will require are in order, and you will probably}likely sign everything at their officeWe coordinate with this company on your closing date. Because you will not have to worry about these details, you get to think about the move, painting, new carpet, and the details involved in moving into a new house.
You've answered a few questions, given us lots of information, applied , 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. Hawk Mortgage Group answers loan process questions every day.