The Four Steps of the Mortgage Loan Process:The Loan Mortgage Process: Four Steps
Searching for mortgage advice? We can assist you! Give us a call at 813-865-6040. Ready to get started? Apply Online Now
There can be little doubt ; getting a mortgage loan is a complicated process. You wouldn't be here on our website if you could complete a one-page loan app and receive an excellent loan check cut the same 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 mortgage loan involves four major milestones.
Step one: Decide how much you can afford
This is a function of a couple things. What kind of monthly payment are you looking for? 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 Nationwide Residential Capital, Inc. can really save you money. You will supply information on your current job, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission. We'll review all this info then will give you a letter of pre-qualification. Handle it with care — it can be a great tool when you make your offer! 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 your new home with your real estate agent, we find the best program for you.
After you've made the offer and the sellers accept it, it's time to apply for the loan. It's very easy, and you can do it online, right here on our site. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will coordinate to designate an escrow/title company to take care of the funding of your loan. We'll work with this company to make sure the papers your lender needs are available, and you'll probably}likely sign all these papers at their officeWe coordinate with the title company to set your date of closing. Because you will not need to coordinate this process, you get to concentrate on moving, painting, carpet, and the fun parts of moving into a new home.
You've answered some few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We do the legwork so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call Nationwide Residential Capital, Inc. at 813-865-6040. Nationwide Residential Capital, Inc. answers loan process questions every day.