How the Loan Process Works
There is little question ; getting a mortgage is a complex process. You wouldn't be here on our site if it were possible to complete a simple loan app and receive an excellent loan funded the same day. We do the heavy lifting for you, so you can concentrate on what's important — preparing to move into your new home or saving money.
Getting a loan involves four major milestones.
Step one: Decide on your maximum loan amount
A couple of factors determine this amount. 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. 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: complete a pre-qualification
This is where the rubber meets the road and you save the most money. You will provide info on your employment, your assets, and your residence history. You'll supply information on your employment, asset, and residence history. We will get your credit report and score (with your permission. After we have gone over this info we will give you a pre-qualification letter. Handle it with care — it can be a great tool when you make your offer! 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 deciding on the home that's right for you, we're busy researching the loan program that's just right for you.
Step three: apply now! We make it easy
Once you've made an offer and the sellers have accepted, you should complete the loan application. It couldn't be easier, and you can do it online, right here on our website. After the seller has accepted your offer and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
Your real estate agent and the seller's will coordinate to find a title company to take care of the funding of your loan. We'll work with this company to ensure the papers your lender will need are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company to set your date to close. Because you will not need to coordinate this process, you can concentrate on moving logistics, paint colors, carpet, and the fun parts of getting your new house.
You've answered a few questions, given us lots of information, applied , and Before you know it, you're moving in! We take care of the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Avalon Mortgage Services, Inc. at (708) 403-5181. We answer questions about the loan process every day.