The Four Steps of the Loan Process
No doubt, quite a lot involved in order to get a mortgage loan. You wouldn't be visiting our site if it were possible to fill out a one-page loan application and get the best loan check cut in one 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.
Step One: Determine how much you can borrow
This is a function of a couple things. 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? 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. 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 is where the process really begins and you save the most money. You will supply details about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission. When we review this info we will give you a pre-qualification letter. With this letter, your Realtor® will negotiate the best deal for your new home. 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.
Once you have made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get much easier; you can apply online right here on our site. After the offer has been accepted and you have submitted your loan application, we will order a professional appraisal on the home.
Step Four: Your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to make sure the papers your lender requires are available, and you will probably sign everything at this company's office. We will work with the title company on your closing date. Since you will not need to worry about these details, you can think about moving, painting, carpet, and all the details of getting your new house.
Once you've answered some few questions, provided lots of information, and applied online, you're ready to move in! Creative Home Loans is in the business of loans; you're not — so we do the work. Doesn't that sound nice?