The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
No doubt, a lot to do in oder to get a mortgage. You wouldn't be here on our site if you could complete a simple mortgage application and get a great loan check cut in one 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.
Getting a mortgage loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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? 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 quewstions. 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 is where Family Mortgage Company of Hawaii, Inc. NMLS #244497 can begin saving you money. You will provide details 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. We will review all this information then will give you a letter of pre-qualification. 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 house with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender requires are in order, and you'll probably}likely sign everything at their officeWe work with with the title company on your closing date. Because you will not need to coordinate this process, you can think about moving logistics, painting, new carpet, and the details involved in moving into your new house.
You've answered some few questions, given us detailed information, applied online, and the next thing you know, you're moving in! We take care of the loan details so you can focus on finding your new home.
Have questions about the loan process? Call Family Mortgage Company of Hawaii, Inc. NMLS #244497 at (808) 935-0678. We answer questions about the loan process every day.