About the Loan Process
Make no mistake, there's quite a lot involved in oder to get a mortgage loan. You wouldn't be visiting our website if you could complete a one-page loan app and receive a great loan check cut the same day. But Saab Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four primary steps involved in obtaining a mortgage loan.
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? 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. 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 Saab Mortgage can really save you money. You will provide info about your employment, your assets, and your 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. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Your agent will likely use your pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're picking out your new home, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
Once you have made the offer and it's been accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. Finally, we'll order an appraisal of your new home.
Step four: your loan is funded
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you will probably}likely sign all these papers at their officeWe work with with the title company on your closing date. Because you don't have to coordinate this process, you get to concentrate on moving logistics, painting, new carpet, and the details involved in moving into a new home.
You've answered some few questions, given us detailed information, applied , and Before you know it, you'll be moving in! Saab Mortgage is a mortgage specialist; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Saab Mortgage at 703-288-0777. Saab Mortgage answers loan process questions every day.