The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot involved in oder to get a mortgage. You wouldn't be looking up loan information if you could get a mortgage loan in a single day with a simple application. But Family Mortgage Company of Hawaii, Inc. NMLS #244497 does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major steps.
Step one: determine how much you can borrow
This is a function of a couple things. 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: pre-qualify for your loan
This is where Family Mortgage Company of Hawaii, Inc. NMLS #244497 will start saving you money. You will provide information about your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing this information, we'll provide a pre-qualificaiton letter. Handle it with care — it can be a great tool for buying your new home! Your real estate agent should 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 shopping for the home that's right for you, we're busy finding the loan that's right for your unique situation.
After you've made an offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we will order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find a title company to handle the funding of your loan once it's approved. We'll coordinate with this company to make sure all the papers your lender requires are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe work with with this company on your date to close. Since you will not have to coordinate this process, you get to think about the move, painting, new carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us lots of information, applied , and before you know it, you are deciding when to move in! Family Mortgage Company of Hawaii, Inc. NMLS #244497 is a mortgage specialist; you're not — so we 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!