The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be no question that getting a mortgage is a complex process. You wouldn't be visiting our website if it were possible to complete a simple mortgage application and receive an excellent loan check cut the same day. But Wize Mortgage LLC does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
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? 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 give us information about your current job, 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 (with your permission. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. 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 looking for a new home with your agent, we find the best program for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at this company's officeWe coordinate with this company to set your closing date. Because you will not need to coordinate this process, you can concentrate on moving, if you're going to repaint, new carpet, and the fun parts of moving into your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you'll be moving! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Wize Mortgage LLC at . It's our job to answer lending questions, so we're happy to help!