How the Mortgage Loan Process Works
There can be no doubt that getting a mortgage is a complicated process. You would not be researching mortgage loans if it were possible to get a mortgage loan in a single day with a simple application. But La Paz Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a home loan involves four major milestones.
Step one: Decide on your maximum loan amount
This is a function of a couple things. 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. 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 rubber meets the road and you save the most money. You will give us details about your employment, assets, and residence history. You'll give us information on your employment, asset, and residence history. We will get your credit report and score (only after you give your permission. After we've finished reviewing your information, we'll give you a pre-qualificaiton letter. Handle it with care — it can be a useful tool when you make your offer! Your real estate agent will likely use your pre-qual (as they may call it) in order to make the best offer on the home you choose. While you're shopping for the home that's right for you, we're busy finding the loan program that's right for you.
Once you have made an offer and it's been accepted, it's time to complete the loan application. Applying for your loan could not be much easier; you can apply any time right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: funding
Your real estate agent and the seller's will coordinate to find an escrow/title company to take care of the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you'll probably}likely sign everything at their officeWe do all the work to work with with the title company on your closing date. Because you will not need to worry about these details, you can think about moving, painting, carpet, and the details involved in moving into a new home.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of the legwork so you can focus on finding your new home.
Have questions about the loan process? Call La Paz Mortgage at 9497706067. It's our job to answer lending questions, so we're happy to help!