About the Mortgage Loan Process
There's little doubt that getting a mortgage is a complex process. You wouldn't be here on our website if you could complete a one-page loan app and receive a great loan funded 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.
There are four main steps involved in obtaining a loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. How much of a monthly payment can you afford? What is the maximum you can borrow from a lender, given your income and credit history? 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will provide info on your current job, assets, and residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review this info we will provide a pre-qualification letter. Handle it with care — it can be a useful tool for buying your new home! Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your REALTOR™, we find the best program for you.
Once you have signed the 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 site. Finally, we will order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your closing date. Since you won't have to coordinate this process, you can think about moving logistics, if you're going to repaint, carpet, and all the details of moving into your new house.
You've answered a few questions, provided detailed information, applied online, and before you know it, you're deciding when to move in! We take care of the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Smith-Craine Real Estate Financing at (415) 406-2330. Smith-Craine Real Estate Financing answers loan process questions every day.