The Mortgage Loan Process: an Overview
There's little doubt that getting a mortgage is a complex process. You wouldn't be visiting our website if you could fill out a one-page application and get the best loan check cut the same day. 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 home loan involves four major milestones.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? 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: complete a pre-qualification
This is where United Lending will begin saving you money. You will give us info about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. When we review all this information we will give you a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on your new home, we are looking for the loan that best fits your needs.
Step three: apply now! We make it easy
After you've signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find a title company to handle the funding of your loan. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date to close. Since you will not have to worry with this coordination, you get to concentrate on the move, paint colors, carpet, and the details involved in moving into a new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're moving in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call United Lending at 512-592-5462. We answer questions about the loan process every day.