The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There is no doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if it were possible to fill out a one-page mortgage application and receive a great loan funded the same day. But Marshall Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. 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? 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 supply information on 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 (with your permission, of course). After we've finished reviewing your information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! 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 looking for a new house with your real estate agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. 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 applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your date to close. Since you don't have to worry with this coordination, you can think about moving, painting, new carpet, and all the details of moving into your new home.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving in! Marshall Lending is in the business of mortgage loans; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Marshall Lending at 9162758775. It's our job to answer lending questions, so we're happy to help!