The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
In the market for a new mortgage? We will be glad to assist you! Give us a call today at (773) 205-2323. Ready to get started? Apply Here
Make no mistake, there's quite a lot to do in order to get a mortgage loan. You wouldn't be researching mortgage loans if it were possible to get a loan in a single 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 getting a mortgage loan.
Step one: Decide how much you can afford
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. And we can guide you to the right loan amount and best program for you when you answer a few 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: pre-qualify for your loan
This is where the rubber meets the road and Bancmart Mortgage Network, Inc. can really save you money. You will give us info on your current job, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualification letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for a new house with your agent, we find the best program for you.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, you should apply for the loan. Applying for your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to take care of the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your date to close. Because you don't have to coordinate this process, you can think about the move, if you're going to repaint, carpet, and the fun parts of moving into a new house.
You've answered some few questions, given us lots of information, applied online, and the next thing you know, you are deciding when to move in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Bancmart Mortgage Network, Inc. at (773) 205-2323. Bancmart Mortgage Network, Inc. answers loan process questions every day.