How the Loan Process Works
No doubt, quite a lot to do in oder to get a mortgage. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. We do 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. 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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 step is where Affinity Mortgage Brokers will begin saving you money. You will give us details about your current job, assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we are researching the best loan program for you.
Once you've made the offer and it's been accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date of closing. Since you will not have to coordinate this process, you can concentrate on moving, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you're moving in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Affinity Mortgage Brokers at 719-331-6278. We answer questions about the loan process every day.