The Loan Process: an Overview
Make no mistake, there's a lot to do when you get a mortgage. You wouldn't be visiting our site if it were possible to complete a one-page loan application and get 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 main steps involved in obtaining a loan.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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: complete a pre-qualification
This step is where Saab Mortgage will begin saving you money. You will provide info on your employment, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (with your permission. We'll review all this information and provide a letter of pre-qualification. Your real estate agent will use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made the offer and the sellers have accepted, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply right here on our site. After the offer has been accepted and you have applied for your loan, we will order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will work together to decide on a title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure all the papers your lender needs are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company to set your date to close. Since you will not have to worry with this coordination, you can think about the move, if you're going to repaint, carpet, and all the details of getting a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We take care of all the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Saab Mortgage at 703-288-0777. Saab Mortgage answers loan process questions every day.