The Mortgage Loan Process: an Overview
There is little question that getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to fill out a simple application and receive an excellent loan funded the same day. 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.
There are four important steps involved in obtaining a loan.
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. 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: pre-qualify for your loan
This is where Hawk Mortgage Group will begin to save you money. You will supply information about your employment, your assets, and 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). After we have gone over all this information we give you a letter of pre-qualification. 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 looking for your new home with your REALTOR™, we find the best program for you.
Once you have made an offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your date to close. Because you won't need to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and all the details of moving into your new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving! Hawk Mortgage Group is a mortgage specialist; 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.