The Loan Process: an Overview
There is no question that getting a mortgage loan is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in one day with a simple application. We do 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
This is a function of a couple things. How much of a monthly payment can you afford? 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. We'll also help you through different scenarios by asking a few simple questions. 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 can start to save you money. You will supply information about your current job, assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to run your credit score and report. When we review this info we will give you a letter of pre-qualification. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for your new home, we are finding the loan that best fits your needs.
Once you have made an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not get 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'll order a professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date to close. Because you don't need to coordinate this process, you can concentrate on moving, painting, new carpet, and all the details of moving into a new house.
You've answered some few questions, given us lots of information, applied online, and Before you know it, you're moving! We take care of the mortgage legwork so you can spend your time finding the new home that's right for you.
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.