How the Mortgage Loan Process Works
There's a lot involved when you get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in one day with a simple application. 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 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. 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 is where Affinity Mortgage Brokers will start to save you money. You will give us details about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed this information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool for buying your new home! Your REALTOR® will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. 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.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will need are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your closing date. Because you won't need to worry with this coordination, you get to concentrate on the move, painting, new carpet, and the fun parts of getting your new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! Affinity Mortgage Brokers is a mortgage specialist; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Affinity Mortgage Brokers at 719-331-6278. Affinity Mortgage Brokers answers loan process questions every day.