The Mortgage Loan Process: an Overview

There is little question that getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a 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.

Getting a home loan involves four major steps.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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. 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: pre-qualify for your loan

This is where the rubber meets the road and Union Home Mortgage can really save you money. You will provide information on your employment, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. We will review all this information then will provide a letter of pre-qualification. 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 looking for your new home with your real estate agent, we find the best program for you.

Step three: apply now! We make it easy

After you've signed an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.

Step four: funding

The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Since you won't need to coordinate this process, you can think about the move, painting, new carpet, and the fun parts of moving into a new house.

You've answered a few questions, given us lots of 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 your new home.

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!