The Mortgage Loan Process: an Overview
Looking for a loan? We'll be glad to answer your questions about our many mortgage solutions! Give us a call today at (415) 456-7802. Want to get started? Apply Online Now
There is no doubt that getting a mortgage is a complex process. You wouldn't be visiting our site if it were possible to complete a one-page loan app and get a great loan check cut the same 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 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 amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. 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: complete a pre-qualification
This is where Statewide Funding can begin to save you money. You will give us information on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. We'll review this info and will provide a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're picking out your new home, we are looking for the loan that best fits your needs.
Once you have made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. 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 this company's officeWe do all the work to coordinate with the title company on your date of closing. Since you will not have to worry about these details, you can concentrate on the move, paint colors, new carpet, and the details involved in moving into your new house.
You've answered a few questions, provided detailed information, applied online, and the next thing you know, you are moving in! We take care of the legwork so you can spend your time finding your new home.
Have questions about the loan process? Call Statewide Funding at (415) 456-7802. It's our job to answer lending questions, so we're happy to help!