The Loan Process: an Overview
In the market for a new mortgage? We will be glad to assist you! Call us at (303) 993-6358. Ready to begin? Apply Online Now
Make no mistake, there's quite a lot involved in order to get a mortgage. You wouldn't be visiting our website if you could complete a simple mortgage application and get a great loan check cut the same day. But The Mortgage Network does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: Decide how much you can afford
This is a function of a couple things. 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. 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 process really begins and The Mortgage Network can really save you money. You will provide information about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). When we review all this info we will give you a pre-qualification letter. Your agent should use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're looking for a new house with your agent, we find the best program for you.
Once you have made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. 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 a title company to handle the "funding" and closing of the sale. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to work with with the title company on your date of closing. Since you won't have to worry about these details, you get to concentrate on moving logistics, paint colors, carpet, and all the details of moving into your new house.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call The Mortgage Network at (303) 993-6358. We answer questions about the loan process every day.