The Loan Process: an Overview
Shopping for a mortgage loan? We'll be glad to talk about our mortgage offerings! Call us at (561) 329-0075. Ready to begin? Apply Here
There's no doubt ; getting a mortgage loan is a complicated 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 Preston Ware does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
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. And we can guide you to the right loan amount and best program for you when you answer a few 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 step is where Preston Ware can start saving you money. You will provide details about your current job, your assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we have reviewed all this info we provide a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply online right here on our site. Finally, we'll order the appraisal of your new 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 coordinate with this company to ensure all the papers your lender will require are available, and you will probably}likely sign all these papers at this company's officeWe work with with this company to set your date to close. Because you don't need to worry with this coordination, you get to concentrate on the move, if you're going to repaint, carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided lots of information, applied , and the next thing you know, you are moving in! We do the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Preston Ware at (561) 329-0075. Preston Ware answers loan process questions every day.