The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There can be no question that getting a mortgage is a complex process. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out 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 loan involves four major steps.
Step one: determine how much you can borrow
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. 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 Family Mortgage Company of Hawaii, Inc. NMLS #244497 can start saving you money. You will give us details about your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We'll review all this information and provide a letter of pre-qualification. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for your new house with your REALTOR™, we find the best program for you.
Once you've made an offer and it's been accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will work together to find an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure the papers your lender needs are in order, and you'll probably}likely sign everything at this company's officeWe do all the work to coordinate with this company to set your date to close. Since you don't need to worry with this coordination, you get to think about moving logistics, paint colors, carpet, and the details involved in moving into your new house.
You've answered a few questions, provided detailed information, applied online, and Before you know it, 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. Family Mortgage Company of Hawaii, Inc. NMLS #244497 answers loan process questions every day.