An Overview of the Mortgage Loan Process
No doubt, quite a lot to do when you get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a mortgage 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.
There are four important steps involved in obtaining a loan.
Step one: Decide how much you can afford
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. We'll also help you through different scenarios by asking a few simple questions. 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 step is where Family Mortgage Company of Hawaii, Inc. NMLS #244497 can start to save you money. You will provide information on your current job, assets, and your residence history. You'll give us your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it can be a great tool when you make your offer! Your agent will use the 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 a new house with your agent, we find the best program for you.
Once you have made an offer and the sellers accept it, it's time to apply for the loan. 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 will order a professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company on your date to close. Since you don't have to coordinate this process, you get to concentrate on moving logistics, paint colors, new carpet, and the details involved in getting a new home.
You've answered some few questions, provided lots of information, applied online, and Before you know it, you're moving in! Family Mortgage Company of Hawaii, Inc. NMLS #244497 is in the business of loans; you're not — so we do the work. 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!