How the Loan Process Works
There can be no question ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out 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 mortgage loan involves four major steps.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 Georgetown Mortgage can really save you money. You will give us details about your employment, your assets, and residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy finding the loan that's right for your unique situation.
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Because you will not need to worry with this coordination, you get to concentrate on moving, if you're going to repaint, new carpet, and the details involved in moving into a new house.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Georgetown Mortgage at (214) 448-4641. We answer questions about the loan process every day.