About the Mortgage Loan Process
There is no doubt ; getting a mortgage loan is a complex process. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. But Saab Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: Decide how much you can afford
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. We'll also help you through different scenarios by asking a few simple questions. 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: pre-qualify for your loan
This is where the process really begins and Saab Mortgage can really save you money. You will give us details on your current job, assets, and residence history. You'll give us information on your employment, asset, and residence history. We get your permission to pull your credit score and report. When we review this info we will give you a letter of pre-qualification. Handle it with care — it is a useful tool for buying your new home! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're looking for a new home with your REALTOR™, we find the best program for you.
Step three: apply now! We make it easy
After you've signed the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our website. When the time is right, we will order the appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe coordinate with the title company to set your closing date. Since you won't have to worry with this coordination, you can think about moving, painting, new carpet, and the fun parts of moving into your new home.
You've answered some few questions, given us detailed information, applied online, and Before you know it, you'll be moving! Saab Mortgage is in the business of loans; you're not — so we take care of the details. Makes sense, doesn't it??
Have questions about the loan process? Call Saab Mortgage at 703-288-0777. We answer questions about the loan process every day.