How the Mortgage Loan Process Works
Shopping for a mortgage loan? We can assist you! Give us a call at 817-616-3651. Ready to get started? Apply Online Now
No doubt, a lot involved in order to get a mortgage loan. You would not be looking up loan information if you could get a loan in one day with 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 important steps involved in obtaining a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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 amount 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 process really begins and you save the most money. You will provide details on your employment, your 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, of course). After we've finished reviewing the provided information, we'll provide a pre-qualification letter. Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're deciding on your new home, we're busy researching the loan program that's right for your situation.
After you've made an offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our website. 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 REALTOR® and the sellers will work together to decide on a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender requires are available, and you will likely sign everything at their office. We will work with the title company to set your date of closing. Since you won't need to worry about these details, you can concentrate on the move, paint colors, new carpet, and all the details of getting your new home.
Once you've answered a few questions, provided lots of information, and applied, you'll be moving in before you know it! We take care of all the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Blue Sky Funding, LLC at 817-616-3651. It's our job to answer lending questions, so we're happy to help!