The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot to do in oder to get a mortgage. You wouldn't be here on our site if it were possible to complete a one-page loan app and get an excellent loan check cut the same day. But South County Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in getting a loan.
Step one: Decide on your maximum loan amount
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? 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. 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 South County Mortgage can really save you money. You will supply info on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool for buying your new home! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're picking out your new home, we are finding the loan that best fits your needs.
Once you have signed an offer and the sellers accept it, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your date of closing. Since you don't have to worry about these details, you can think about moving logistics, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you're moving! We take care of the loan details so you can spend your time 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.