An Overview of the Mortgage Loan Process
There's little question ; getting a mortgage is a complicated process. You wouldn't be here on our site if you could fill out a one-page loan application and get a great loan funded the same day. But Halpern & Associates Mortgage Corporation does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? Use the calculators on our website to determine your monthly payment amount. 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 rubber meets the road and Halpern & Associates Mortgage Corporation can really save you money. You will provide information on your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission, of course). After we've reviewed this information, we'll give you a pre-qualificaiton letter. Your REALTOR® will use the 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 looking 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 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 site. At the end of this step, we will order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender requires are in order, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Because you won't need to worry about these details, you can think about moving logistics, if you're going to repaint, new carpet, and the details involved in getting your new home.
You've answered a few questions, provided detailed information, applied , and before you know it, you're moving in! We do the mortgage 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!