The Loan Process: an Overview
There's little doubt ; getting a mortgage is a complex process. You wouldn't be looking up loan information if you could get a mortgage 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.
There are four important steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan
This is where the process really begins and Wize Mortgage LLC can really save you money. You will supply details about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your agent should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for a new home with your REALTOR™, 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. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date of closing. Since you don't have to worry about these details, you get to think about moving logistics, if you're going to repaint, new carpet, and all the details of getting a new home.
You've answered some few questions, provided detailed information, applied , and before you know it, you're deciding when to move in! Wize Mortgage LLC is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
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!