The Loan Process: an Overview
There's quite a lot involved when you get a mortgage. You would not be looking up loan information if you could get a mortgage loan in one day with 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 home loan involves four major milestones.
Step one: determine how much you can borrow
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. 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 the rubber meets the road and you save the most money. You will supply details on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). We will go over all this information then provide a letter of pre-qualification. Handle it with care — it is a useful tool when you make your offer! Your REALTOR® will likely use the 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 looking for a new house with your agent, we find the best program for you.
Once you've made an offer and the sellers have accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply any time right here on our site. When the time is right, we'll order the appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" and closing. We'll work with this company to ensure all the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe coordinate with this company to set your date of closing. Because you won't need to worry about these details, you get to think about moving logistics, paint colors, carpet, and the fun parts of moving into a new home.
You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! We take care of the loan details so you can spend your time finding your new home.
Have questions about the loan process? Call Family Mortgage Company of Hawaii, Inc. NMLS #244497 at (808) 935-0678. We answer questions about the loan process every day.