The Four Steps of the Loan Process:The Loan Process: Four Steps
There can be little doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. But Wires of Energy does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a 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? 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. 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 is where the rubber meets the road and Wires of Energy can really save you money. You will supply information about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've reviewed this information, we'll provide a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new home, we're busy researching the loan program that's just right for you.
Once you have made an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with this company on your date to close. Since you won't need to worry about these details, you get to think about moving, paint colors, new carpet, and the fun parts of getting a new house.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you're moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Wires of Energy at 4058873713. We answer questions about the loan process every day.