The Four Steps of the Loan Process:The Loan Process: Four Steps
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There is no doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our site if it were possible to fill out a one-page loan app and get an excellent loan funded in one day. But Arch Mortgage Corporation 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 mortgage 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? 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 amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will supply information about your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've reviewed your information, we'll give you a pre-qualification letter. Handle it with care — it is a great tool for buying your new home! Your agent will 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 looking for your new house with your agent, we find the best program for you.
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply any time right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company on your date of closing. Since you will not need to worry about these details, you can concentrate on moving, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered a few questions, given us detailed information, applied online, and before you know it, you are moving in! Arch Mortgage Corporation is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Arch Mortgage Corporation at 561.775.2724. Arch Mortgage Corporation answers loan process questions every day.