The Mortgage Loan Process: an Overview
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Make no mistake, there's quite a lot involved when you get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single 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.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
The most important question you need to ask yourself here is NOT how much you can qualify for, but how much will you be comfortable paying each month for your new home.
I've worked with many buyers that could qualify for a monthly payment at $3000-$4000, but they were only comfortable paying $2000. I will always stress the importance of coming up with your comfort zone early in advance and not let it be based on what you qualify for.
It is very important of course that we determine the maximum you can borrow from a lender, given your income and credit history. I we can guide you to the right loan amount and best program for you after you've answered just a few 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: complete a pre-qualification
This is where the rubber meets the road and The KD Team of Success Mortgage Partners, Inc can really save you money. You will provide info on your current job, your 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, of course). After we've reviewed this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy researching the loan program that's just right for you.
Step three: Disclosures Disclosures!
Once you've made an offer and it's been accepted, you provide me with the address of the home you are buying and your application is considered complete. We'll get disclosures out to you right away. Often times, you can sign 95% of the documents electronically, saving valuable time and helping keep the process moving along swiftly.
Step four: your loan is funded
Your loan file is prepped to go to Underwriting after we get disclosures.
- We will also order appraisal ( usually after you have advised okay to order after you've had a Home Inspection completed)
We will work with the real estate agents to determine which escrow/title company will handle the "funding" and closing. We do all the work to coordinate with this company to set your closing date. Since you will not need to worry with this coordination, you get to think about moving, paint colors, new carpet, and the fun parts of getting a new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! The KD Team of Success Mortgage Partners, Inc is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?