The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be no doubt ; getting a mortgage is a complicated process. You would not be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. But Trustin Mortgage Corporation does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: determine how much you can borrow
This is a function of a couple things. 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? 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: complete a pre-qualification
This is where the process really begins and you save the most money. You will provide details about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll review this information and provide a letter of pre-qualification. Your REALTOR® should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, you should apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with this company on your closing date. Because you will not have to worry with this coordination, you get to concentrate on the move, paint colors, new carpet, and all the details of moving into a new home.
You've answered a few questions, given us lots of information, applied , and before you know it, you're moving in! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Trustin Mortgage Corporation at (302) 765-8089. We answer questions about the loan process every day.