The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's no doubt ; getting a mortgage is a complicated process. You would not be researching mortgage loans if you could get a mortgage loan in a single day by filling out a simple application. 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 on your maximum loan amount
This is a function of a couple things. 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. 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 the rubber meets the road and Hawk Mortgage Group can really save you money. You will give us info on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. 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 picking out your new home, we're busy finding the loan program that's right for your unique situation.
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to ensure the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date to close. Because you don't have to coordinate this process, you get to concentrate on the move, painting, carpet, and the fun parts of getting your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving in! Hawk Mortgage Group is in the business of mortgage loans; 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.