How the Mortgage Loan Process Works
There can be little doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could complete a one-page application and receive an excellent loan check cut the same day. But Mario Vega does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
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? 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 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 step is where Mario Vega can begin saving you money. You will give us info about your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your agent 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 picking out your new home, we're busy finding the loan that's right for you.
Once you have made an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with this company on your closing date. Because you won't need to worry with this coordination, you get to concentrate on the move, painting, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Mario Vega at 877-310-6200. It's our job to answer lending questions, so we're happy to help!