The Loan Process: an Overview

Make no mistake, there's a lot to do in oder to get a mortgage loan. You would not be looking up loan information if you could get a mortgage loan in one day by filling out a simple application. But My Mortgage Option does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four primary steps involved in obtaining a loan.

Step one: determine how much you can borrow

A couple of factors determine this amount. 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? 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 is where the process really begins and you save the most money. You will supply info about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We pull your credit score and report. When we review all this information we will provide 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 picking out your new home, we are finding the best loan program for you.

Step three: apply now! We make it easy

After you've made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.

Step four: your loan is funded

The real estate agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company on your date of closing. Because you won't need to worry about these details, you get to think about moving, if you're going to repaint, new carpet, and the details involved in getting your new house.

You've answered some few questions, provided detailed information, applied , and before you know it, you're moving in! We take care of the legwork so you can spend your time finding the new home that's right for you.

Have questions about the loan process? Call My Mortgage Option at 4693224391. We answer questions about the loan process every day.