The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
No doubt, quite a lot to do in oder to get a mortgage. You wouldn't be here on our website if you could fill out a one-page mortgage application and get a great loan check cut the same day. 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.
Getting a mortgage loan involves four major steps.
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? 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 process really begins and Front Range Lending can really save you money. You will provide information on your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. When we review this info we will give you a letter of pre-qualification. Be careful with this letter — it is a great tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out your new home, we are researching the loan that best fits your needs.
Once you have signed the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date of closing. Because you won't need to worry with this coordination, you can think about the move, painting, carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us lots of information, applied , and before you know it, you are moving in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Front Range Lending at 7202537070. It's our job to answer lending questions, so we're happy to help!