How the Loan Process Works
No doubt, a lot involved when you get a mortgage. You wouldn't be visiting our website if you could fill out a one-page loan application and get the best loan funded in one day. 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 important steps involved in getting a 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will supply information on your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We pull your credit score and report. We will go over all this info and will give you 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. While you're looking for your 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 the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company to set your date of closing. Since you won't need to coordinate this process, you get to think about moving logistics, paint colors, carpet, and the fun parts of getting a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Peerless Residential Mortgage at (513) 713-1515. Peerless Residential Mortgage answers loan process questions every day.