The Loan Process: an Overview
There can be no doubt ; getting a mortgage loan is a complex process. You wouldn't be here on our site if it were possible to fill out a one-page loan app and get a great loan funded in one 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.
Getting a mortgage loan involves four major steps.
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 abount 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 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 process really begins and Liberty Home Mortgage can really save you money. You will give us details about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we have reviewed this information we provide a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new house with your agent, we find the best 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. It couldn't be easier, and you can do it online, right here on our website. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure the papers your lender will need are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company on your date of closing. Because you don't have to coordinate this process, you get to concentrate on moving, painting, new carpet, and all the details of moving into a new home.
You've answered a few questions, given us detailed information, applied online, and Before you know it, you'll be moving in! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Liberty Home Mortgage at 9724662551. Liberty Home Mortgage answers loan process questions every day.