The Loan Process: an Overview
There's a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in one day with a simple application. But Saab Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
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? You can get a good idea of your preferred payment abount using the calculators on our website. 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 you save the most money. You will provide details about your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We pull your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Your agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new house with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
Once you have 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 website. 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: funding
Your real estate agent and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to make sure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe do all the work to coordinate with this company to set your closing date. Since you won't have to worry with this coordination, you can think about moving logistics, paint colors, new carpet, and the details involved in moving into your new house.
You've answered some few questions, given us lots of information, applied , and Before you know it, you'll be moving in! Saab Mortgage is in the business of loans; you're not — so take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Saab Mortgage at 703-288-0777. Saab Mortgage answers loan process questions every day.