The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
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Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be here on our website if you could fill out a simple loan application and get the best loan funded the same day. But Queen City Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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? You can get a good idea of your preferred payment amount 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 process really begins and you save the most money. You will provide details on your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. When we review all this information we provide a pre-qualification letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we're busy finding the loan that's right for your situation.
After you've signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can do it 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 work together to decide on an escrow/title company to take care of the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender will need are available, and you'll probably}likely sign everything at their officeWe work with with the title company to set your date to close. Because you won't have to worry with this coordination, you get to concentrate on moving, if you're going to repaint, carpet, and the details involved in getting your new home.
You've answered a few questions, provided lots of information, applied online, and Before you know it, you'll be moving in! Queen City Mortgage is a mortgage specialist; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call Queen City Mortgage at (513) 247-5479. We answer questions about the loan process every day.