The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be little doubt that getting a mortgage is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in one day with a simple application. 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: determine how much you can borrow
This is a function of a couple things. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us info on your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (with your permission. When we review all this information we will give you a letter of pre-qualification. Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply 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 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 make sure all the papers your lender needs are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Since you won't have to coordinate this process, you get to think about the move, paint colors, new carpet, and the fun parts of getting a new home.
You've answered some few questions, given us lots of information, applied , and the next thing you know, you are moving in! South County Mortgage is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call South County Mortgage at (401) 583-4150. South County Mortgage answers loan process questions every day.