The Four Steps of the Loan Process:The Loan Process: Four Steps
There's quite a lot to do when you get a mortgage loan. You would not be looking up loan information if it were possible to get a loan in one day by filling out 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.
There are four main steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
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? 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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will supply details on your employment, assets, and residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool for buying your new home! Your REALTOR® will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for your new home with your agent, we find the best program for you.
Step three: apply for your loan
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home 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
The agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender requires are in order, and you will probably}likely sign all these papers at their officeWe do all the work to work with with the title company on your date to close. Since you will not have to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, carpet, and all the details of getting your new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! Baywide Funding Corporation is a mortgage specialist; you're not — so we take care of the details. Doesn't that sound nice?