The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There's a lot involved when you get a mortgage loan. You wouldn't be visiting our website if it were possible to fill out a one-page application and receive an excellent loan check cut in one day. But Brimor National Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
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. We'll also help you through different scenarios by asking a few simple 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: complete a pre-qualification
This is where Brimor National Mortgage can start to save you money. You will provide information about your current job, assets, and your residence history. You'll supply information on your employment, asset, and residence history. We pull your credit score and report. When we review all this information we give you a pre-qualification letter. Handle it with care — it is a great tool when you make your offer! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for a new home with your real estate agent, we find the best program for you.
Once you've made the offer and it's been accepted, it's time to apply for the loan. Applying for your loan could not be much easier; you can apply online right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on a title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe do all the work to work with with this company to set your date to close. Since you don't have to worry about these details, you can think about moving logistics, if you're going to repaint, new carpet, and all the details of moving into a new home.
You've answered some few questions, given us lots of information, applied online, and before you know it, you are deciding when to move in! We do the mortgage legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Brimor National Mortgage at 949-544-4908. It's our job to answer lending questions, so we're happy to help!
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