The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be looking up loan information if you could get a loan in a single day by filling out a simple application. 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 obtaining a mortgage loan.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 information about your current job, your assets, and residence history. You'll supply information on your employment, asset, and residence history. We get your permission to pull your credit score and report. After we have reviewed this information we will give you a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan program that's just right for you.
Step three: apply now! We make it easy
After you've made the offer and the sellers accept it, you should apply for the loan. Applying for your loan couldn't get much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure all the papers your lender needs are avaiailable, and you will probably}likely sign all these papers at this company's officeWe work with with the title company to set your date to close. Because you don't have to worry with this coordination, you get to think about moving logistics, if you're going to repaint, new carpet, and the fun parts of moving into a new home.
You've answered a few questions, provided detailed information, applied , and Before you know it, you're moving in! We do the legwork 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. Family Mortgage Company of Hawaii, Inc. NMLS #244497 answers loan process questions every day.