The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
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There can be little question that getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if you could get a loan in one day by filling out a simple application. But Glendale Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. 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: pre-qualify for your loan
This is where the rubber meets the road and Glendale Mortgage can really save you money. You will give us details about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing your information, we'll provide a pre-qualification letter. Your real estate agent should use the 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 your new home, we are researching the best loan for you.
Once you have made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your date of closing. Since you won't have to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into a new house.
You've answered a few questions, provided lots of information, applied online, and before you know it, you are deciding when to move in! 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 Glendale Mortgage at 610-853-6500. We answer questions about the loan process every day.