The Four Steps of the Loan Process:The Loan Process: Four Steps
Make no mistake, there's quite a lot to do when you get a mortgage loan. You wouldn't be here on our site if you could complete a simple loan app and get a great loan check cut the same day. But Halpern & Associates Mortgage Corporation does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four important steps involved in getting a mortgage loan.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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. 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 Halpern & Associates Mortgage Corporation can really save you money. You will supply info on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Your real estate agent should use the pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're looking for a new home with your real estate agent, we find the best program for you.
Once you have made the offer and the sellers have accepted, you should complete the loan application. It's very easy, and you can apply online, right here on our website. At the end of this step, we will order an appraisal of your new home.
Step four: funding
The agents will find a title company to handle the "funding" of the loan and closing. We'll coordinate with this company to make sure all the papers your lender will need are avaiailable, and you'll probably}likely sign all these papers at this company's officeWe coordinate with this company on your date of closing. Because you don't have to worry about these details, you can think about moving, if you're going to repaint, carpet, and all the details of moving into a new home.
You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We do the legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Halpern & Associates Mortgage Corporation at (305) 535-2230. It's our job to answer lending questions, so we're happy to help!