The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's a lot involved when you get a mortgage. You would not be looking up loan information if you could get a loan in a single day by filling out 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: 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 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 step is where Peerless Residential Mortgage can start saving you money. You will provide details about your current job, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! Your REALTOR® will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan that's just right for your unique situation.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe coordinate with the title company on your date of closing. Because you won't need to worry with this coordination, you get to think about moving, if you're going to repaint, new carpet, and the details involved in moving into a new house.
You've answered a few questions, provided lots of information, applied , and before you know it, you're deciding when to move in! We do the mortgage legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Peerless Residential Mortgage at (513) 713-1515. Peerless Residential Mortgage answers loan process questions every day.