The Four Steps of the Mortgage Loan Process:
|Searching for a mortgage loan? We'll be glad to discuss our mortgage offerings! Give us a call today at 214-532-4014. Ready to begin? Apply Online Now.|
There can be little doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive a great loan funded the same day. But Statewide Residential Mortgage Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in getting a loan.
Step one: Decide how much you can afford
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? You can get a good idea of your preferred payment amount 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 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 step is where Statewide Residential Mortgage Lending will begin saving you money. You will supply info on your employment, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. We'll review all this information and give you a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for a new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the 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 work with this company to ensure all the papers your lender will need are available, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date of closing. Since you will not need to worry about these details, you can think about moving, painting, carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided detailed information, applied , and before you know it, you are moving in! We take care of the loan details so you can spend your time finding your new home.