The Mortgage Loan Process: an Overview
Looking for a mortgage loan? We will be glad to help! Give us a call at (478) 746-2063. Want to get started? Apply Here
There's quite a lot to do in order to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one 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.
There are four main steps involved in getting a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? 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: complete a pre-qualification
This step is where MidTowne Mortgage can start saving you money. You will provide info on your employment, assets, and residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualification letter. Be careful with this letter — it is a great tool for buying your new home! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your agent, we find the best program for you.
After you've signed the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure all the papers your lender needs are available, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your closing date. Because you won't have to worry with this coordination, you get to think about moving logistics, if you're going to repaint, carpet, and the fun parts of getting your new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you're moving in! MidTowne Mortgage is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call MidTowne Mortgage at (478) 746-2063. MidTowne Mortgage answers loan process questions every day.