An Overview of the Loan Process
There is little doubt that getting a mortgage loan is a complicated process. You wouldn't be here on our site if you could fill out a simple application and get the best loan check cut the same 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.
There are four primary steps involved in obtaining 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? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 rubber meets the road and you save the most money. You will give us info about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. We'll review all this info then will give you a pre-qualification letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
Once you've made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: funding
Your REALTOR® and the seller's will work together to find a 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 all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date to close. Since you won't need to worry about these details, you get to concentrate on moving, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! SLI Mortgage, LLC is in the business of loans; you're not — so we do the work. Doesn't that sound nice?
Have questions about the loan process? Call SLI Mortgage, LLC at (512) 731-8607. It's our job to answer lending questions, so we're happy to help!