How the Mortgage Loan Process Works
There is little question ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if you could get a mortgage loan in one 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 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 you save the most money. You will supply information about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool when you make your offer! Your agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we are finding the best loan program for you.
Step three: apply now! We make it easy
After you've made an offer and the sellers accept it, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our site. After the seller has accepted your offer and you have applied for your loan, we will order a professional appraisal on the home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure the papers your lender needs are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with this company on your date to close. Since you won't need to worry with this coordination, you can concentrate on the move, if you're going to repaint, carpet, and the details involved in moving into your new home.
You've answered some few questions, provided detailed information, applied online, and the next thing you know, you're moving in! We do the 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.