The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Shopping for a mortgage loan? We will be glad to assist you! Give us a call today at (608) 372-9222. Ready to begin? Apply Online Now
There is no doubt ; getting a mortgage is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Affordable Mortgage Financing, LLC. 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
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 Affordable Mortgage Financing, LLC. can start to save you money. You will give us information about your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we have reviewed this information we provide a pre-qualification letter. Be careful with this letter — it can be a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for the home that's right for you, we are finding the best loan 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 complete the loan application. Applying for a loan couldn't be much easier; you can apply online right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to find an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Because you will not need to worry about these details, you get to concentrate on moving logistics, if you're going to repaint, carpet, and the details involved in moving into your new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you are moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Affordable Mortgage Financing, LLC. at (608) 372-9222. We answer questions about the loan process every day.