How the Mortgage Loan Process Works
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There can be no question that getting a mortgage loan is a complex process. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. 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.
There are four primary steps involved in getting a mortgage loan.
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. And we can guide you to the right loan amount and best program for you when you answer a few 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 process really begins and Affordable Lending LLC can really save you money. You will supply details about your employment, assets, and your residence history. You'll supply your employment, asset, and residence history information. We get your permission to pull your credit score and report. We will review all this information and give you a letter of pre-qualification. Be careful with this letter — it can be a great tool for buying your new home! Your real estate agent will likely 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 your 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 your loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have submitted your loan application, we'll order the professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll coordinate with this company to make sure all the papers your lender will require are available, and you'll likely sign everything at their office. We will coordinate with the title company on your closing date. Because you don't have to coordinate this process, you can think about the move, paint colors, new carpet, and the fun parts of moving into your new home.
After you have answered a few questions, provided lots of information, and applied, you'll be ready to move sooner than you think! Affordable Lending LLC is in the business of mortgage loans; you're not — so let the experts do the work. Doesn't that sound nice?
Have questions about the loan process? Call Affordable Lending LLC at 855-375-1211. Affordable Lending LLC answers loan process questions every day.