How the Loan Process Works
No doubt, quite a lot to do in oder to get a mortgage. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day with a simple application. But Marshall Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide on your maximum loan amount
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. 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: complete a pre-qualification
This step is where Marshall Lending can start saving you money. You will supply information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new house with your REALTOR™, we find the best program for you.
After you've signed the offer and the sellers accept it, you should apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. Finally, we will order the appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe do all the work to coordinate with this company on your closing date. Because you won't have to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the details involved in getting a new home.
You've answered a few questions, provided lots of information, applied , and the next thing you know, you're moving in! Marshall Lending is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
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!