How the Mortgage Loan Process Works
Are you looking for a new mortgage loan? We can help! Call us at 305-598-1600. Ready to get started? Apply Now
There's a lot to do when you get a mortgage. You wouldn't be here on our website if you could complete a simple loan app and get a great loan funded the same day. 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 obtaining a loan.
Step one: Decide how much you can afford
This is a function of a couple things. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? You can get a good idea of your preferred payment amount 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 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 step is where Strock & Tanner Mortgage Corp. will begin saving you money. You will give us details on your employment, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we've finished reviewing this information, we'll provide a pre-qualification letter. Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new home with your real estate agent, we find the best program for you.
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan. We'll coordinate with this company to ensure all the papers your lender will need are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your closing date. Because you don't have to worry with this coordination, you can think about moving, painting, new carpet, and the fun parts of getting your new house.
You've answered some few questions, provided lots of 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 spend your time finding the new home that's right for you.
Have questions about the loan process? Call Strock & Tanner Mortgage Corp. at 305-598-1600. It's our job to answer lending questions, so we're happy to help!