The Mortgage Loan Process: an Overview
Shopping for a mortgage? We will be glad to assist you! Call us at 708.499.6088. Ready to begin? Apply Now
Make no mistake, there's a lot to do in order to get a mortgage. You wouldn't be here on our website if you could complete a one-page application and get a great loan funded the same day. 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.
There are four main steps involved in obtaining a mortgage loan.
Step one: determine how much you can borrow
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 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: pre-qualify for your loan
This step is where Wisdom Financial, Inc. can start saving you money. You will provide details about your current job, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualification 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 researching the loan program that's right for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't be much easier; you can apply online right here on our site. At the end of this step, we will order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the sellers will work together to decide on a title company to take care of the funding of your loan. We'll coordinate with this company to make sure the papers your lender will require are in order, and you will probably sign everything at this company's office. We will work with the title company on your closing date. Since you won't have to coordinate this process, you can concentrate on moving, paint colors, new carpet, and the fun parts of getting a new house.
Once you've answered a few questions, provided lots of information, and applied, you're ready to move in! We take care of all 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 Wisdom Financial, Inc. at 708.499.6088. We answer questions about the loan process every day.