The Mortgage Loan Process: an Overview
There's no doubt that getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a loan in a single day by filling out a simple application. 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.
Getting a mortgage loan involves four major steps.
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? 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. 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 begin to save you money. You will provide information on your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. With this letter, your real estate agent will negotiate the best deal for your new home. While you're deciding on the home that's right for you, we're busy finding the loan that's right for you.
After you've signed the offer and the sellers have accepted, you should apply for the loan. Applying for your loan could not be much easier; 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 real estate agent and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure all the papers your lender requires are avaiailable, and you will probably}likely sign everything at their officeWe do all the work to work with with this company to set your date of closing. Since you won't have to coordinate this process, you can concentrate on moving, paint colors, carpet, and all the details of getting your new house.
You've answered a few questions, provided lots of information, applied online, and the next thing you know, you're moving 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 Brimor National Mortgage at 949-544-4908. Brimor National Mortgage answers loan process questions every day.