An Overview of the Mortgage Loan Process
There's a lot involved when you get a mortgage loan. You wouldn't be here on our site if you could complete a simple application and receive a great loan check cut the same day. But Standard Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a mortgage loan involves four major milestones.
Step one: determine how much you can borrow
A couple of factors determine this amount. 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: pre-qualify for your loan
This is where the process really begins and you save the most money. You will give us details on your current job, your assets, and your residence history. You'll provide information on your employment, asset, and residence history. We get your permission to run your credit score and report. After we have reviewed this info we will give you a letter of pre-qualification. Handle it with care — it is a great tool for buying your new home! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. The pre-qual letter gives you buying clout! While you're shopping for a new home with your real estate agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, you should apply for the loan. It's very easy, and you can do it online, right here on our site. When the time is right, we will order the appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to decide on a title company to handle the funding of your loan once it has been approved. We'll coordinate with this company to make sure the papers your lender requires are in order, and you will probably}likely sign everything at this company's officeWe do all the work to work with with the title company on your date of closing. Since you will not need to worry with this coordination, you can concentrate on moving logistics, if you're going to repaint, new carpet, and the details involved in moving into a new home.
You've answered a few questions, given us detailed information, applied online, and the next thing you know, you are moving 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 Standard Mortgage at 818-999-6444. It's our job to answer lending questions, so we're happy to help!