How the Mortgage Loan Process Works
There's quite a lot involved in oder to get a mortgage. You wouldn't be researching mortgage loans if you could get a mortgage loan in a single day with a simple application. But Assured Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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. We'll also help you through different scenarios by asking a few simple 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 is where the process really begins and you save the most money. You will supply info about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. We'll review this information then will give you a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! 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 shopping for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for a loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with this company on your date to close. Because you won't have to coordinate this process, you can think about moving, paint colors, new carpet, and the fun parts of moving into your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving! Assured Mortgage is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Assured Mortgage at (414) 350-5834. We answer questions about the loan process every day.