How the Loan Process Works
There's no doubt that getting a mortgage loan is a complicated process. You wouldn't be looking up loan information if you could get a loan in a single day with a simple application. But Wize Mortgage LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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: pre-qualify for your loan
This is where Wize Mortgage LLC can begin to save you money. You will give us info about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we are finding the best loan for you.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. At the end of this step, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your date of closing. Since you won't need to coordinate this process, you can think about moving, painting, new carpet, and all the details of moving into a new house.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you're deciding when to move in! Wize Mortgage LLC is in the business of mortgage loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Wize Mortgage LLC at . Wize Mortgage LLC answers loan process questions every day.