The Four Steps of the Loan Process:The Loan Process: Four Steps
Shopping for a mortgage loan? We'd be thrilled to answer your questions about our mortgage offerings! Give us a call today at 972.359.7766. Ready to begin? Apply Now
No doubt, a lot involved when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in a single day with a simple application. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a loan involves four major steps.
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. And we can guide you to the right loan amount and best program for you when you answer a few 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 you save the most money. You will give us info about your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide a pre-qualification letter. Handle it with care — it is a useful tool when you make your offer! Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. Finally, we will order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender requires are available, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your closing date. Since you won't need to worry about these details, you can concentrate on moving logistics, painting, new carpet, and the fun parts of getting your new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you're moving in! We take care of all the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Security Mortgage Co at 972.359.7766. It's our job to answer lending questions, so we're happy to help!