The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps
There's no doubt that getting a mortgage is a complicated 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. 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 home loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. 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: pre-qualify for your loan
This is where the rubber meets the road and Family Mortgage Company of Hawaii, Inc. NMLS #244497 can really save you money. You will provide details on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission, of course). After we've reviewed the provided information, we'll provide you with a pre-qualificaiton letter. Your agent will use your pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on the home that's right for you, we're busy researching the loan program that's just right for your situation.
After you've made an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; 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 the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to make sure the papers your lender requires are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Because you won't need to worry about these details, you can concentrate on the move, painting, new carpet, and the fun parts of moving into a new house.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving in! Family Mortgage Company of Hawaii, Inc. NMLS #244497 is in the business of 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. Family Mortgage Company of Hawaii, Inc. NMLS #244497 answers loan process questions every day.