The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There can be little question ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. We do most of 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 home loan involves four major milestones.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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: pre-qualify for your loan
This step is where Hawk Mortgage Group can start to save you money. You will provide details about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). When we review this info we give you a letter of pre-qualification. Be careful with this letter — it can be a useful 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 shopping for the home that's right for you, we're busy finding the loan that's just right for your situation.
Once you've made an offer and the sellers have accepted, you should complete the loan application. Applying for a loan could not get much easier; you can apply online right here on our site. Finally, 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 of the sale. We'll work with this company to ensure all 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 on your date of closing. Because you will not have to coordinate this process, you get to think about the move, paint colors, new carpet, and the details involved in moving into your new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving! Hawk Mortgage Group is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Hawk Mortgage Group at (443) 619-7900. We answer questions about the loan process every day.