The Loan Process: an Overview

There is no question ; getting a mortgage loan is a complicated process. You wouldn't be visiting our site if you could fill out a simple loan app and get a great loan check cut the same day. But Marshall Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in getting a loan.

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. We'll also help you through different scenarios by asking a few simple questions. 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 you save the most money. You will provide details on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a great tool for buying your new home! Your real estate agent will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for your new home with your agent, we find the best program for you.

Step three: apply now! We make it easy

Once you have made an offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company on your closing date. Since you will not need to worry about these details, you can concentrate on moving logistics, if you're going to repaint, carpet, and the fun parts of getting a new home.

You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're deciding when to move in! We take care of all 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 Marshall Lending at 9162758775. Marshall Lending answers loan process questions every day.