How the Loan Process Works
There's no doubt ; getting a mortgage loan is a complicated process. You wouldn't be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. 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 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? 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 quewstions. 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 Family Mortgage Company of Hawaii, Inc. NMLS #244497 will begin to save you money. You will supply information on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we've finished reviewing the provided information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan that's right for you.
Once you have made an offer and it's been accepted, it's time to complete the loan application. It's very easy, and you can apply online, right here on our website. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender needs are in order, and you will probably}likely sign everything at their officeWe do all the work to coordinate with this company to set your date of closing. Since you will not need to worry with this coordination, you get to concentrate on the move, painting, new carpet, and the details involved in moving into your new house.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving! Family Mortgage Company of Hawaii, Inc. NMLS #244497 is a mortgage specialist; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Family Mortgage Company of Hawaii, Inc. NMLS #244497 at (808) 935-0678. It's our job to answer lending questions, so we're happy to help!