About the Mortgage Loan Process
There's little doubt that getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a one-page application and get the best loan check cut in one day. But Test does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: determine how much you can borrow
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. 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 Test will begin to save you money. You will supply info on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will go over all this info and will provide a letter of pre-qualification. Be careful with this letter — 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. While you're picking out your new home, we are finding the best loan for you.
Once you have made the offer and the sellers have accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. 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: your loan is funded
Your REALTOR® 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 ensure the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your date of closing. Since you won't have to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and the fun parts of getting a new home.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you're moving in! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Test at 4054206125. It's our job to answer lending questions, so we're happy to help!