The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps

Searching for a mortgage loan? We will be glad to assist you! Call us at (810) 229-2820. Ready to get started? Apply Online Now.

There's quite a lot to do when you get a mortgage. You wouldn't be looking up loan information if it were possible to get a loan in a single day with a simple application. But ADVISORY MORTGAGE 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 loan.

Step one: Decide on your maximum loan amount

This is a function of a couple things. 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. 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: pre-qualify for your loan

This is where the rubber meets the road and ADVISORY MORTGAGE can really save you money. You will supply info about your current job, assets, and residence history. You'll provide your employment, asset, and residence history information. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll give you a pre-qualification letter. Handle it with care — 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 the home that's right for you, we are looking for the loan that best fits your needs.

Step three: apply now! We make it easy

Once you've made an offer and it's been accepted, it's time to complete the loan application. Applying for a loan couldn't get much easier; you can apply any time right here on our site. After the offer has been accepted and you have applied for your loan, we will order a professional appraisal on the home.

Step four: funding

Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with the title company to set your closing date. Since you won't need to coordinate this process, you can think about moving, paint colors, new carpet, and all the details of moving into a new home.

You've answered a few questions, provided detailed information, applied online, and Before you know it, you'll be moving! We do the legwork so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call ADVISORY MORTGAGE at (810) 229-2820. We answer questions about the loan process every day.