The Mortgage Loan Process: an Overview
There is little doubt ; getting a mortgage loan is a complicated process. You would not be researching mortgage loans if it were possible to get a loan in a single day with a simple application. But Halpern & Associates Mortgage Corporation 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: Decide how much you can afford
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 process really begins and Halpern & Associates Mortgage Corporation can really save you money. You will give us details on your employment, assets, and your residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (with your permission. After we've finished reviewing the provided information, we'll provide you with a pre-qualificaiton letter. Handle it with care — it is a great tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! 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've made the offer and the sellers have accepted, you should apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to find a title company to handle the funding of your loan once it's approved. We'll work with this company to ensure the papers your lender will need are avaiailable, and you will probably}likely sign everything at this company's officeWe coordinate with the title company on your closing date. Because you don't need to worry with this coordination, you get to concentrate on moving logistics, paint colors, new carpet, and the fun parts of getting your new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you'll be moving in! Halpern & Associates Mortgage Corporation is in the business of mortgage loans; you're not — so take care of the details. Doesn't that sound nice?
Have questions about the loan process? Call Halpern & Associates Mortgage Corporation at (305) 535-2230. We answer questions about the loan process every day.