The Loan Process: an Overview
There's a lot to do in oder to get a mortgage loan. You wouldn't be looking up loan information if it were possible to get a mortgage loan in a single day by filling out a simple application. But Lending Arizona does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
There are four main steps involved in obtaining 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? And given your unique credit and employment history, income and debt, and goals, how much will a lender loan you? 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 quewstions. 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 Lending Arizona will begin saving you money. You will provide info about your employment, assets, and residence history. You'll supply 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 reviewed the provided information, we'll give you a pre-qualificaiton letter. Be careful with this letter — it is a useful tool for buying your new home! With this letter, your real estate agent will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're picking out the home that's right for you, we're busy researching the loan that's just right for your unique situation.
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 apply online, right here on our website. Finally, we will order an appraisal of your new home.
Step four: funding
The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to make sure the papers your lender will require are avaiailable, and you will probably}likely sign all these papers at their officeWe do all the work to work with with this company on your closing date. Because you will not need to coordinate this process, you can concentrate on the move, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered a few questions, given us lots of information, applied online, and Before you know it, you'll be moving! Lending Arizona is in the business of loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Lending Arizona at 5208867283. Lending Arizona answers loan process questions every day.