How the Loan Process Works

Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a one-page application and get an excellent loan funded the same 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.

There are four main steps involved in getting a loan.

Step one: determine how much you can borrow

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. 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 the process really begins and you save the most money. You will supply details on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a great tool when you make your offer! Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we're busy finding the loan program that's right for your situation.

Step three: apply for your loan

Once you have made an offer and it's been accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.

Step four: your loan is funded

Your real estate agent and the seller's will work together to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your closing date. Since you won't have to coordinate this process, you get to think about moving, if you're going to repaint, new carpet, and all the details of moving into a new house.

You've answered a few questions, given us detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of the mortgage legwork so you can focus on 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.

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