How the Mortgage Loan Process Works
No doubt, quite a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in one day with a simple application. 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 milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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. 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: pre-qualify for your loan
This is where Marshall Lending can start to save you money. You will provide details about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We get your permission to run your credit score and report. We will go over this info then provide a letter of pre-qualification. 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 picking out your new home, we are looking for the loan that best fits your needs.
After you've signed an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can do it online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date to close. Because you don't have to worry with this coordination, you can think about moving logistics, painting, new carpet, and all the details of getting your new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, 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 Marshall Lending at 9162758775. Marshall Lending answers loan process questions every day.