The Mortgage Loan Process: an Overview
There is no question that getting a mortgage loan is a complex process. You wouldn't be here on our website if you could complete a simple application and get the best loan check cut the same day. We do most of the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
There are four primary steps involved in getting a mortgage loan.
Step one: determine how much you can borrow
A couple of factors determine this amount. What kind of monthly payment are you looking for? 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 saving you money. You will give us details about your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission, of course). After we've reviewed your information, we'll give you a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! Your real estate agent will use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're picking out the home that's right for you, we're busy finding the loan that's right for your situation.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, you should apply for the loan. Applying for a loan could not be much easier; you can apply any time right here on our site. Finally, we will order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll work with this company to ensure all the papers your lender will require are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company on your closing date. Since you will not have to worry with this coordination, you can think about moving, painting, carpet, and all the details of moving into a new home.
You've answered some few questions, provided detailed information, applied online, and Before you know it, you'll be moving! Family Mortgage Company of Hawaii, Inc. NMLS #244497 is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
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!