The Loan Process: an Overview
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There is little doubt that getting a mortgage is a complicated process. You wouldn't be visiting our site if you could complete a one-page loan app and get an excellent 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 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 rubber meets the road and Empire Home Mortgage, Inc. NMLS 44882 can really save you money. You will supply details on your employment, your assets, and your residence history. We get your permission to pull your credit score and report. We'll review all this information then give you a letter of pre-qualification. Your REALTOR® will likely use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we are finding the best loan for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: your loan is funded
Your real estate agent and the seller's will work together to designate a title company to take care of the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your closing date. Since you won't need to worry about these details, you can think about moving, paint colors, carpet, and the details involved in moving into your new home.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you're moving in! We do the mortgage legwork so you can focus on finding your new home.