The Four Steps of the Loan Process:The Loan Process: Four Steps
There's a lot involved when you get a mortgage loan. You wouldn't be here on our site if it were possible to complete a simple loan application and receive an excellent loan funded the same 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.
There are four main steps involved in obtaining a loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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 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 the process really begins and Family Mortgage Company of Hawaii, Inc. NMLS #244497 can really save you money. You will provide details on your current job, your assets, and residence history. You'll supply your employment, asset, and residence history information. We will get your credit report and score (with your permission, of course). After we've finished reviewing this information, we'll provide you with a pre-qualificaiton letter. 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 deciding on your new home, we're busy finding the loan program that's just right for you.
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan couldn't get much easier; you can apply right here on our site. Finally, we'll order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with the title company to set your closing date. Since you won't have to coordinate this process, you can think about moving logistics, if you're going to repaint, carpet, and all the details of moving into a new home.
You've answered a few questions, given us detailed information, applied , and before you know it, you're moving in! Family Mortgage Company of Hawaii, Inc. NMLS #244497 is in the business of mortgage loans; 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!