The Four Steps of the Loan Process:The Loan Process: Four Steps
Shopping for a mortgage? We'll be glad to answer your questions about your mortgage needs! Give us a call at (630) 305-9207. Ready to get started? Apply Now.
There is no question that getting a mortgage loan is a complicated process. You wouldn't be visiting our website if you could complete a simple application and receive the best loan funded the same day. 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 important steps involved in obtaining a loan.
Step one: determine how much you can borrow
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 amount 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 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 Prosperity Co. dba Prosperity Mortgage Co. can really save you money. You will supply info on your employment, assets, and residence history. You'll give us your employment, asset, and residence history information. We will pull get your credit report and score (only after you give your permission, of course). After we've finished reviewing your information, we'll provide you with a pre-qualification letter. Handle it with care — it can be a useful 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 a new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have signed an offer and the sellers have accepted, it's time to apply for the loan. Applying for your loan could not get much easier; you can apply right here on our site. At the end of this step, we'll order an appraisal of your new home.
Step four: your loan is funded
The agents will find a title company to handle the "funding" of the loan and closing of the sale. We'll work with this company to ensure all the papers your lender needs are in order, and you'll probably}likely sign all these papers at their officeWe work with with this company to set your closing date. Since you don't have to coordinate this process, you get to concentrate on moving, if you're going to repaint, carpet, and the details involved in getting a new home.
You've answered a few questions, provided lots of information, applied online, and before you know it, you're deciding when to move in! We take care of the mortgage legwork so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Prosperity Co. dba Prosperity Mortgage Co. at (630) 305-9207. We answer questions about the loan process every day.