The Four Steps of the Loan Process:The Loan Process: Four Steps
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There's no question that getting a mortgage loan is a complicated process. You wouldn't be visiting our website if you could fill out a one-page loan app and receive the best loan funded 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.
Getting a home loan involves four major steps.
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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide information about your current job, your assets, and your residence history. You'll supply your employment, asset, and residence history information. We pull your credit score and report. We will go over this information then give you a letter of pre-qualification. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're picking out the home that's right for you, we're busy finding the loan that's just right for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply from the comfort of your home right here on our site. Finally, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign all these papers at this company's officeWe coordinate with the title company to set your date to close. Because you won't need to worry about these details, you get to concentrate on the move, if you're going to repaint, carpet, and all the details of getting a new house.
You've answered some few questions, given us lots of information, applied online, and before you know it, you're deciding when to move in! Envoy Mortgage, Ltd is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Envoy Mortgage, Ltd at (970) 577-9200. We answer questions about the loan process every day.