About the Loan Process
There's no question that getting a mortgage is a complex process. You wouldn't be here on our site if you could complete a simple application and receive the best loan funded the same day. 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. 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? 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. 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 process really begins and Saab Mortgage can really save you money. You will give us information about your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will pull get your credit report and score (only after you give your permission. When we review this information we give you a pre-qualification letter. Be careful with this letter — it can be a useful tool when you make your offer! With this letter, your real estate agent will negotiate the best deal for your new home. While you're shopping for your new home, we are finding the loan that best fits your needs.
Step three: apply now! We make it easy
Once you've made the offer and the sellers have accepted, it's time to apply for the loan. It's very easy, and you can apply online, right here on our site. When the time is right, we will order an appraisal of your new home.
Step four: funding
The real estate agents will find a title company to handle the "funding" and closing of the sale. We'll work with this company to make sure all the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at this company's officeWe do all the work to work with with the title company on your date to close. Because you don't have to worry about these details, you get to concentrate on moving logistics, paint colors, new carpet, and all the details of getting your new home.
You've answered some few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! Saab Mortgage is a mortgage specialist; you're not — so take care of the details. 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!