The Four Steps of the Loan Process:The Loan Mortgage Process: Four Steps

There's no doubt ; getting a mortgage loan is a complex process. You wouldn't be visiting our website if it were possible to fill out a one-page application and get a great loan funded in one day. We do most of 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: determine how much you can borrow

A couple of factors determine this amount. How much of a monthly payment can you afford? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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. 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 Avalon Mortgage Services, Inc. can really save you money. You will supply information on your employment, your assets, and residence history. You'll provide your employment, asset, and residence history information. We run your credit score and report. After we've reviewed your information, we'll provide you with a pre-qualificaiton letter. With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're shopping for a new house 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 it's been accepted, it's time to complete the loan application. It's very easy, and you can do it online, right here on our website. At the end of this step, we will order the appraisal of your new home.

Step four: funding

Your REALTOR® and the seller's will coordinate to decide on an escrow/title company to take care of the funding of your loan. We'll coordinate with this company to ensure the papers your lender requires are avaiailable, and you'll probably}likely sign everything at their officeWe coordinate with the title company on your closing date. Because you will not have to worry about these details, you can concentrate on the move, paint colors, carpet, and the fun parts of getting a new home.

You've answered some few questions, given us detailed information, applied , and before you know it, you are deciding when to move in! We take care of all the loan details so you can focus on finding your new home.

Have questions about the loan process? Call Avalon Mortgage Services, Inc. at (708) 403-5181. We answer questions about the loan process every day.

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