How the Loan Process Works
Make no mistake, there's a lot to do in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a mortgage loan in one day by filling out a simple application. But Hill Valley Financial Services Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a 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 process really begins and you save the most money. You will supply info about your current job, your assets, and residence history. You'll give us your employment, asset, and residence history information. We will get your credit report and score (only after you give your permission. After we've reviewed the provided information, we'll provide a pre-qualificaiton letter. Handle it with care — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. While you're shopping for the home that's right for you, we're busy finding the loan program that's right for your unique situation.
Once you have signed an offer and the sellers accept it, it's time to apply for the loan. Applying for a loan couldn't be much easier; you can apply from the comfort of your home right here on our site. After the offer has been accepted and you have applied for your loan, we'll order the professional appraisal on the home.
Step four: funding
Your REALTOR® and the seller's will work together to decide on an escrow/title company to handle the funding of your loan once it's approved. We'll coordinate with this company to ensure all the papers your lender needs are in order, and you will probably}likely sign all these papers at their officeWe coordinate with the title company on your closing date. Since you don't need to coordinate this process, you get to think about the move, if you're going to repaint, carpet, and all the details of getting your new house.
You've answered a few questions, provided lots of information, applied , and Before you know it, you'll be moving in! We take care of the loan details so you can focus on finding the new home that's right for you.
Have questions about the loan process? Call Hill Valley Financial Services Inc. at 503-631-3311. It's our job to answer lending questions, so we're happy to help!