The Loan Process: an Overview
No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be here on our website if you could complete a simple loan application and receive a great loan funded in one day. We do most of 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 obtaining a loan.
Step one: Decide on your maximum loan amount
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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 Georgetown Mortgage can start to save you money. You will provide info about your current job, assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we have reviewed this information we give you a letter of pre-qualification. Your agent will use your 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 picking out the home that's right for you, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should complete the loan application. Applying for a loan couldn't get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Since you don't need to worry about these details, you get to concentrate on moving logistics, painting, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, provided lots of information, applied , and before you know it, you are moving in! Georgetown Mortgage is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Georgetown Mortgage at (214) 448-4641. Georgetown Mortgage answers loan process questions every day.