The Loan Process: Four Steps
Are you looking for a mortgage? We'd be thrilled to answer your questions about your mortgage needs! Call us at (678) 539-8100. Want to get started? Apply Here
There's a lot involved when you get a mortgage. You wouldn't be visiting our website if it were possible to fill out a simple mortgage application and get a great loan check cut in one day. We do most of 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 primary steps involved in obtaining a loan.
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? 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. 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: pre-qualify for your loan
This is where the rubber meets the road and you save the most money. You will give us information on your current job, your assets, and residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. We will go over all this information and will provide a letter of pre-qualification. Your agent will likely use your 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 deciding on your new home, we are looking for the loan that best fits your needs.
Once you have made the offer and the sellers have accepted, you should apply for the loan. It's very easy, and you can apply online, right here on our site. At the end of this step, we'll order the appraisal of your new home.
Step four: your loan is funded
Your REALTOR® and the seller's will coordinate to designate a title company to handle the funding of your loan. We'll coordinate with this company to make sure all the papers your lender will need are in order, and you will probably}likely sign all these papers at their officeWe coordinate with this company to set your date to close. Because you don't have to worry with this coordination, you can think about moving logistics, painting, new carpet, and the details involved in moving into your new home.
You've answered a few questions, provided detailed information, applied , and the next thing you know, you are deciding when to move in! We take care of the loan details so you can spend your time finding the new home that's right for you.
Have questions about the loan process? Call STELLAR mortgage corporation at (678) 539-8100. We answer questions about the loan process every day.