The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There can be little question ; getting a mortgage is a complex process. You wouldn't be visiting our website if you could fill out a one-page loan application and get an excellent 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.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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. 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 rubber meets the road and you save the most money. You will provide info about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are finding the best loan for you.
Step three: apply now! We make it easy
Once you have made 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 any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a 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 make sure all the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company to set your date of closing. Because you won't need to worry about these details, you can concentrate on the move, paint colors, new carpet, and the details involved in getting a new home.
You've answered some few questions, given us detailed information, applied , and before you know it, you're deciding when to move in! Hawk Mortgage Group is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Hawk Mortgage Group at (443) 619-7900. Hawk Mortgage Group answers loan process questions every day.