How the Mortgage Loan Process Works
No doubt, quite a lot to do when you get a mortgage. You wouldn't be visiting our website if it were possible to complete a one-page application and get an excellent loan funded 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.
There are four primary steps involved in getting a loan.
Step one: determine how much you can borrow
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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.
Step two: pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us info about your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy researching the loan that's just right for your situation.
After you've signed the offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign everything at their officeWe work with with this company on your date to close. Since you will not have to worry with this coordination, you can concentrate on moving, if you're going to repaint, new carpet, and all the details of moving into a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you'll be moving! United Lending is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call United Lending at 512-592-5462. United Lending answers loan process questions every day.