The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, a lot involved in oder to get a mortgage. You wouldn't be here on our website if it were possible to complete a one-page loan app and get the best loan funded the same day. 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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. We'll also help you through different scenarios by asking a few simple questions. 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 is where Trustin Mortgage, LLC can start to save you money. You will provide information about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. We'll review this info then will give you 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 REALTOR® will negotiate the best deal for your new home. While you're shopping for a new home with your real estate agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; you can apply right here on our site. After the offer has been accepted and you have submitted your loan application, we will order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with the title company to set your date to close. Because you don't have to worry with this coordination, you get to concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied online, and before you know it, you're moving in! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Trustin Mortgage, LLC at (302) 765-8089. Trustin Mortgage, LLC answers loan process questions every day.