How the Loan Process Works
There's a lot to do when you get a mortgage. You wouldn't be here on our website if it were possible to fill out a one-page loan app and receive the best loan check cut in one day. But South County Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 South County Mortgage can really save you money. You will give us details on your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll give you a pre-qualificaiton letter. Your REALTOR® should use the 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 deciding on the home that's right for you, we are researching the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to complete the loan application. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company to set your closing date. Because you don't have to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and the details involved in moving into your new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are deciding when to move in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call South County Mortgage at (401) 583-4150. We answer questions about the loan process every day.