The Loan Process: an Overview
There's no question that getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could complete a one-page application and get a great loan funded the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting a loan.
Step one: determine how much you can borrow
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. 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: complete a pre-qualification
This is where the rubber meets the road and Mario Vega can really save you money. You will supply info on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). We'll review this info and give you a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for your new home, we are looking for the best loan program for you.
After you've made an offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. When the time is right, we'll order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with this company to set your closing date. Because you won't have to coordinate this process, you get to concentrate on moving, painting, new carpet, and the fun parts of getting a new house.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're moving in! We take care of all the loan details 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.