The Mortgage Loan Process: an Overview
Make no mistake, there's quite a lot involved in oder to get a mortgage. You would not be looking up loan information if it were possible to get a loan in a single day with a simple application. But Sanborn Financial 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. 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. 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 provide information on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Your agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new home with your agent, we find the best program for you.
Once you have made an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your date of closing. Because you won't need to coordinate this process, you can concentrate on moving logistics, painting, carpet, and the details involved in getting a new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're 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 Sanborn Financial at (760) 943-7200. Sanborn Financial answers loan process questions every day.