How the Loan Process Works
No doubt, quite a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could fill out a simple application and receive the best loan funded in one day. We do most of 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 primary steps involved in getting a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? 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 step is where Affinity Mortgage Brokers will begin to save you money. You will provide details about your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we have reviewed all this information we will provide a letter of pre-qualification. Handle it with care — it is 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 looking for your new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company to set your date to close. Since you won't need to worry with this coordination, you get to think about the move, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! We take care of the legwork so you can focus on finding your new home.
Have questions about the loan process? Call Affinity Mortgage Brokers at 719-331-6278. We answer questions about the loan process every day.