The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot to do when you get a mortgage. You wouldn't be visiting our site if it were possible to complete a simple application and receive a great loan funded the same day. But Hawk Mortgage Group does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
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? 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. 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 Hawk Mortgage Group can really save you money. You will give us information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. When we review all this information we will provide a pre-qualification letter. Handle it with care — it is a great tool when you make your offer! With this letter, your REALTOR® 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 are researching the loan that best fits your needs.
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your closing date. Because you will not need to worry about these details, you can think about moving logistics, painting, carpet, and the details involved in moving into a new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving! We take care of the mortgage legwork 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. It's our job to answer lending questions, so we're happy to help!