The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, quite a lot involved when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day by filling out a simple application. But Union Home 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: Decide on your maximum loan amount
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 the rubber meets the road and Union Home Mortgage can really save you money. You will provide info on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! 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're busy researching the loan program that's right for your unique situation.
Once you have signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to designate a title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your date of closing. Since you don't have to worry about these details, you can concentrate on the move, paint colors, carpet, and the fun parts of getting a new house.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Union Home Mortgage at 3172889434. It's our job to answer lending questions, so we're happy to help!