How the Loan Process Works
No doubt, quite a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But Brimor Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a loan.
Step one: determine how much you can borrow
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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: pre-qualify for your loan
This is where the rubber meets the road and Brimor Mortgage can really save you money. You will give us information about your employment, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've reviewed the provided information, we'll give you a pre-qualificaiton letter. With this letter, your REALTOR® 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.
Once you've made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing of the sale. We'll work with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company on your date to close. Because you will not need to worry about these details, you can think about moving, painting, carpet, and all the details of moving into your new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! We do the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Brimor Mortgage at 949-544-4908. It's our job to answer lending questions, so we're happy to help!