The Mortgage Loan Process: an Overview

No doubt, a lot to do when you get a mortgage loan. You would not be researching mortgage loans if you could get a mortgage loan in one day by filling out a simple application. But Marshall Lending does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

Getting a 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: pre-qualify for your loan

This is where Marshall Lending can start to save you money. You will provide info on your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We'll review all this info then will give you a letter of pre-qualification. Your REALTOR® should use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your real estate 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 have accepted, you should apply for the loan. It couldn't be easier, and you can do it online, right here on our website. At the end of this step, we will order an appraisal of your new home.

Step four: funding

The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company on your date to close. Since you will not have to coordinate this process, you get to concentrate on moving logistics, paint colors, carpet, and all the details of getting your new home.

You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Marshall Lending at 9162758775. We answer questions about the loan process every day.