The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot involved when you get a mortgage. You wouldn't be here on our website if you could fill out a one-page loan app and receive a great loan funded in one day. But Mission Home Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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: complete a pre-qualification
This is where Mission Home Mortgage will begin to save you money. You will supply info about your employment, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home 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's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your closing date. Since you will not need to worry about these details, you get to think about the move, paint colors, carpet, and all the details of getting a new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! Mission Home Mortgage is a mortgage specialist; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Mission Home Mortgage at (619) 688-0011. Mission Home Mortgage answers loan process questions every day.