The Four Steps of the Mortgage Loan Process:The Loan Process: Four Steps
There's little question ; getting a mortgage is a complex process. You wouldn't be visiting our website if you could complete a one-page loan application and get a great loan check cut the same day. 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: determine how much you can borrow
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? Use the calculators on our website to determine your monthly payment amount. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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: complete a pre-qualification
This is where the rubber meets the road and Family Mortgage Company of Hawaii, Inc. NMLS #244497 can really save you money. You will supply details on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We pull your credit score and report. After we've reviewed this information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it can be a great tool for buying your new home! Your REALTOR® should use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're shopping for your new house with your REALTOR™, we find the best program for you.
After you've signed 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 website. At the end of this step, we'll order an 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 the papers your lender requires are in order, and you'll probably}likely sign all these papers at their officeWe work with with the title company to set your closing date. Since you will not have to coordinate this process, you get to think about moving, paint colors, carpet, and the details involved in moving into a new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you'll be moving in! We take care of the loan details 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. It's our job to answer lending questions, so we're happy to help!