The Loan Process: an Overview
There is no doubt ; getting a mortgage is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. But Mario Vega does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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 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 Mario Vega will start saving you money. You will supply details about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. Your real estate agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy finding the loan that's right for you.
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan couldn't be much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at this company's officeWe work with with the title company on your date of closing. Since you will not need to worry about these details, you can concentrate on the move, painting, carpet, and the fun parts of getting your new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you're deciding when to move in! We do the mortgage legwork so you can focus on finding your new home.
Have questions about the loan process? Call Mario Vega at 877-310-6200. We answer questions about the loan process every day.