How the Loan Process Works
Are you looking for a mortgage loan? We'd be thrilled to discuss your mortgage needs! Give us a call at (256) 734-6012. Want to get started? Apply Here
There is little doubt that getting a mortgage loan is a complex process. You would not be researching mortgage loans if you could get a loan in a single day with a simple application. We do most of 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 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? What is the maximum you can borrow from a lender, given your income and credit history? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few questions. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will supply info about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. We will go over all this information and give you a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! 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 are researching the loan that best fits your needs.
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. Finally, we'll order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender requires are available, and you'll probably}likely sign all these papers at their office. We do all the work to work with with this company on your date of closing. Because you will not have to worry with this coordination, you can think about moving logistics, if you're going to repaint, new carpet, and the details involved in getting a new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you'll be moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Willow Bend Mortgage at (256) 734-6012. It's our job to answer lending questions, so we're happy to help!