An Overview of the Mortgage Loan Process
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There's little doubt that getting a mortgage loan is a complex process. You would not be looking up loan information if it were possible to get a mortgage loan in one day with 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 main steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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: pre-qualify for your loan
This step is where Mortgage Max Inc can start to save you money. You will provide details about your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we have reviewed this information we will provide a letter of pre-qualification. Your agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy finding the loan that's right for you.
After you've signed the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will need are available, and you'll probably}likely sign everything at this company's officeWe work with with this company on your date to close. Since you will not need to worry about these details, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting your new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! Mortgage Max Inc is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Mortgage Max Inc at (760) 547-2080. Mortgage Max Inc answers loan process questions every day.