An Overview of the Loan Process
Are you looking for a mortgage? We'd be thrilled to talk about our many mortgage solutions! Call us at 425-392-2295. Want to get started? Apply Online Now
Make no mistake, there's quite a lot involved in order to get a mortgage. You wouldn't be visiting our website if it were possible to fill out a simple loan app and receive the best loan funded in one day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four important steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
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 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us details about your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. After we've finished reviewing this information, we'll provide you with a pre-qualification letter. Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy finding the loan that's just right for you.
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan could not be much easier; you can apply from the comfort of your home right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender needs are in order, and you'll probably}likely sign everything at their officeWe work with with the title company to set your closing date. Because you won't have to worry with this coordination, you get to concentrate on the move, paint colors, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you're deciding when to move in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Your Equity Services at 425-392-2295. We answer loan process questions every day.