How the Loan Process Works
Make no mistake, there's quite a lot involved when you get a mortgage loan. You wouldn't be here on our website if it were possible to complete a simple loan app and get the best loan funded in one day. 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 milestones.
Step one: determine how much you can borrow
This is a function of a couple things. How much of a monthly payment can you afford? 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. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. 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 is where the process really begins and you save the most money. You will supply information on your employment, assets, and residence history. You'll provide information on your employment, asset, and residence history. We run your credit score and report. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy researching the loan program that's right for you.
Step three: apply now! We make it easy
Once you've made the offer and it's been accepted, you should complete the loan application. Applying for your loan could not get much easier; you can apply any time right here on our site. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing. We'll work with this company to ensure all the papers your lender will require are avaiailable, and you will probably}likely sign everything at their officeWe work with with this company on your closing date. Since you don't have to worry with this coordination, you can concentrate on moving, painting, new carpet, and all the details of moving into a new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! Saab Mortgage is a mortgage specialist; you're not — so we do the work. Doesn't that make sense?
Have questions about the loan process? Call Saab Mortgage at 703-288-0777. It's our job to answer lending questions, so we're happy to help!