An Overview of the Loan Process

There's quite a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could fill out a simple loan app and receive an excellent loan check cut the same day. We do 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 important steps involved in getting a mortgage loan.

Step one: Decide on your maximum loan amount

A couple of factors determine this amount. What kind of monthly payment are you looking for? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple questions. 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 you save the most money. You will provide info about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). We will go over this information then will give you a pre-qualification letter. Be careful with this letter — it can be a useful tool for buying your new home! Your real estate agent should 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 looking for a new house with your REALTOR™, we find the best program for you.

Step three: apply for your loan

After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. Finally, we will order an appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company to set your closing date. Since you don't need to coordinate this process, you can think about the move, painting, carpet, and the fun parts of moving into a new house.

You've answered a few questions, given us lots of information, applied online, and before you know it, you're moving in! We take care of the loan details so you can spend your time finding your new home.

Have questions about the loan process? Call Pauline Shah at 925-895-4155. We answer questions about the loan process every day.

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