The Mortgage Loan Process: an Overview
No doubt, a lot involved in oder to get a mortgage loan. 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. 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 primary 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? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This step is where Smith-Craine Real Estate Financing can begin to save you money. You will provide details about your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed your information, we'll provide a pre-qualificaiton letter. Your real estate agent 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 shopping for your new home, we're busy finding the loan program that's just right for your unique situation.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can do it online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Since you won't have to coordinate this process, you get to think about moving, paint colors, new carpet, and all the details of getting a new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! Smith-Craine Real Estate Financing is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Smith-Craine Real Estate Financing at (415) 406-2330. It's our job to answer lending questions, so we're happy to help!