How the Mortgage Loan Process Works
There's quite a lot involved when you get a mortgage. You wouldn't be here on our site if it were possible to complete a simple loan app and get an excellent 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 loan involves four major milestones.
Step one: Decide how much you can afford
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: pre-qualify for your loan
This is where Marshall Lending will start saving you money. You will supply details on your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review this info we provide a letter of pre-qualification. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home with your REALTOR™, we find the best program for you.
After you've signed an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our website. At the end of this step, we will order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it's approved. 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 work with with the title company to set your closing date. Since you will not have to worry with this coordination, you can concentrate on moving, if you're going to repaint, new carpet, and all the details of moving into your new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving! We take care of the loan details so you can focus on finding the new home that's right for you.
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!