The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
There can be little question that getting a mortgage 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. But Liberty Home Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important 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. 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 the process really begins and Liberty Home Mortgage can really save you money. You will give us info on your employment, assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're deciding on your new home, we are looking for the best loan program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll work with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe coordinate with this company to set your date of closing. Since you don't need to coordinate this process, you can think about the move, painting, carpet, and all the details of moving into a new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are moving in! Liberty Home Mortgage is in the business of loans; you're not — so we do the work. Makes sense, doesn't it??
Have questions about the loan process? Call Liberty Home Mortgage at 9724662551. We answer questions about the loan process every day.