An Overview of the Mortgage Loan Process
There can be little question that getting a mortgage is a complicated process. You wouldn't be visiting our website if you could fill out a simple loan app and receive an excellent loan check cut the same day. We do most of 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 mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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. 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 Union Home Mortgage can begin saving you money. You will provide details on your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for your new house with your REALTOR™, we find the best program for you.
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company on your date of closing. Because you will not have to worry with this coordination, you can concentrate on moving, painting, carpet, and the details involved in moving into a new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving in! 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. Union Home Mortgage answers loan process questions every day.