There’s definitely a lot involved with getting a mortgage loan. Fortunately, we are here to do most of the heavy lifting for you, so you can concentrate of what’s important, preparing to move into your new home, saving money, or making plans for your home equity check.
I just want to shop for a new house!
You should see your mortgage professional before you begin viewing homes. This allows us to get you pre-qualified for up to a certain amount. With this tool in hand, you can confidently begin searching for your new home.During the pre-qualification process, we discuss the factors that determine how much you qualify to borrow and how much of a monthly mortgage payment you can afford. Some of these factors include your income vs. your debt, your employment and current residence, your available funds for a down payment and required reserves. It’s quick and easy, with minimal paperwork.Once you qualify, we give you what’s called a Pre-Qualification Letter (your real estate agent might call it a “pre-qual”), which says that we are working with you to find the best loan to meet your needs and that we’re confident you’ll qualify for a loan for up to a certain amount.
When you find a home that catches your eye, and you decide to make an offer, being pre-qualified for a mortgage will help in a couple of ways. First, it tells you the maximum amount you are able to offer. Your real estate agent will help you decide on an appropriate offer, but being pre-qualified gives you the confidence to know you can follow through. More importantly, when a seller sees a potential buyer who is pre-qualified, they have a sense of assurance that the individual is a strong buyer. It is like walking into their home with a briefcase full of case, ready to make a deal! They won’t feel as though you are wasting their time because you may not even qualify for the amount you’re offering. You have the clout of a buyer ready to make the deal right now!
You can always use the calculators available on our site to get an idea of how much of a monthly mortgage payment is affordable for you; however, it’s also important to meet with us. Aside from getting you pre-qualified, we will be able to go over different mortgage programs to find the one that best fits your needs
There are four main steps involved in getting a loan:
|Step 1: Determine how much you can borrow|
|How much of a monthly payment can you afford? Given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Our calculators will give you a basic idea of how much you can afford monthly. We’ll also help you through different scenarios by asking a few simple questions. Based on standard lender guidelines, we will get you a clear understanding of what kind of terms and loan program you can expect to benefit most from.|
|Step 2: Pre-qualify for your loan|
|This is where the rubber meets the road and you save the most money. You supply information about your employment, your assets, your residence history, and so on. We get your permission to run your credit score. When we factor in all this information, we give you a Pre-Qualification Letter. Handle it with care! To a seller, it’s like a suitcase full of cash! Your real estate agent will use your Pre-Qual (as they may call it) to make the best offer on the home you choose, and the seller knows you’re pre-qualified. It gives you buying clout! And while you’re picking out the home that’s right for you, we’re busy finding the loan that’s right for you.|
|Step 3: Apply now! We make it easy|
|Once you’ve made an offer and it’s been accepted, it’s time to complete the loan application. It couldn’t be easier, and you can do it online, right here on our website. When the time is right, we’ll order an appraisal of your new home.|
|Step 4: Your loan is funded|
|Your real estate agent and the seller(s) will work together to designate an escrow/title company to handle the funding of your loan once it’s approved. We’ll coordinate with the escrow company to make sure all the papers your lender requires are in order, and you’ll sign everything at the escrow/title company’s office.|