The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Searching for a loan? We'd be thrilled to talk about your mortgage needs! Give us a call today at (707) 521-3434 Ext. 23. Ready to get started? Apply Online Now
No doubt, quite a lot to do in order to get a mortgage. You would not be looking up loan information if it were possible to get a loan in one day by filling out a simple application. But Allstate Mortgage Company does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in obtaining 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? What is the maximum you can borrow from a lender, given your income and credit history? 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. Because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation.
Step two: complete a pre-qualification
This step is where Allstate Mortgage Company will begin saving you money. You will supply info on your current job, assets, and your residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission, of course). After we've reviewed your information, we'll give you a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! Your REALTOR® will use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're deciding on the home that's right for you, we're busy finding the loan that's right for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers accept it, you should apply for the loan. It's very easy, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to find a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Because you don't have to worry with this coordination, you get to concentrate on moving logistics, paint colors, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, given us lots of information, applied , and the next thing you know, you are moving in! Allstate Mortgage Company is in the business of mortgage loans; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Allstate Mortgage Company at (707) 521-3434 Ext. 23. It's our job to answer lending questions, so we're happy to help!