The Four Steps of the Loan Process:The Loan Process: Four Steps

Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be visiting our site if you could fill out a one-page loan app and get the best 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.

Getting a mortgage 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? 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 supply details on your current job, assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your agent, we find the best program for you.

Step three: apply now! We make it easy

After you've signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: your loan is funded

Your REALTOR® 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 work with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your date to close. Since you will not have to worry about these details, you can concentrate on moving logistics, if you're going to repaint, carpet, and all the details of getting your new house.

You've answered some few questions, given us detailed information, applied , and Before you know it, you're moving! South County Mortgage is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?

Have questions about the loan process? Call South County Mortgage at (401) 583-4150. It's our job to answer lending questions, so we're happy to help!

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