The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There is no question ; getting a mortgage is a complex process. You would not be looking up loan information if you could get a loan in one day by filling out a simple application. But Greystone Loans, Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage 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 abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 process really begins and you save the most money. You will supply details about your employment, assets, and your residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. We will go over all this information then give you a letter of pre-qualification. Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once 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 apply online, right here on our website. When the time is right, we will order an appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to decide on a title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your closing date. Since you won't need to worry with this coordination, you get to concentrate on the move, paint colors, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us detailed information, applied , and the next thing you know, you're deciding when to move in! Greystone Loans, Inc. is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?