The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
No doubt, quite a lot to do when you get a mortgage. You wouldn't be here on our website if you could complete a simple loan application and receive an excellent loan funded in one day. But Todays Financing does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. How much of a monthly payment can you afford? 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. We'll also help you through different scenarios by asking a few simple 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 is where the rubber meets the road and you save the most money. You will supply details about your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll go over all this info then give you a letter of pre-qualification. Be careful with this letter — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for 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 accept it, you should apply for the loan. 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
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll coordinate with this company to make sure the papers your lender will need are avaiailable, and you will probably}likely sign everything at their officeWe work with with the title company to set your date of closing. Since you won't need to worry with this coordination, you get to concentrate on moving, painting, carpet, and the details involved in getting a new house.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you're moving in! Todays Financing is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Todays Financing at 2057831113. It's our job to answer lending questions, so we're happy to help!