The Mortgage Loan Process: an Overview
There can be little question ; getting a mortgage is a complex process. You wouldn't be researching mortgage loans if you could get a loan in a single day with a simple application. 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.
Getting a home loan involves four major steps.
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? 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. 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: complete a pre-qualification
This is where Hawk Mortgage Group can start to save you money. You will give us information on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy finding the loan program that's just right for your situation.
Once you have made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company on your closing date. Since you will not have to coordinate this process, you get to concentrate on moving, painting, new carpet, and the fun parts of getting your new home.
You've answered a few questions, given us lots of information, applied , and before you know it, you are moving in! Hawk Mortgage Group is a mortgage specialist; you're not — so we 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.