An Overview of the Loan Process
||Looking for a loan? We'll be glad to answer your questions about your mortgage needs! Call us at 425-396-3130. Ready to begin? Apply Now.
There's a lot to do in order to get a mortgage. You wouldn't be researching mortgage loans if it were possible to get a loan in a single day with a simple application. 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.
Getting a loan involves four major steps.
Step one: Decide on your maximum loan amount
This is a function of a couple things. What kind of monthly payment are you looking for? 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 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 rubber meets the road and you save the most money. You will give us information about your current job, assets, and your residence history. You'll provide information on your employment, asset, and residence history. We will get your credit report and score (with your permission, of course). After we have reviewed this info we will provide a letter of pre-qualification. Be careful with this letter — it can be a great tool when you make your offer! 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 program that's right for your unique situation.
Step three: apply now! We make it easy
After you've signed an offer and the sellers have accepted, you should apply for the loan. It couldn't be easier, and you can apply online, right here on our website. When the time is right, we'll order an appraisal of your new home.
Step four: your loan is funded
Your real estate agent and the seller's will coordinate to find an escrow/title company to handle the funding of your loan. We'll work with this company to ensure all the papers your lender will need are available, and you'll probably}likely sign all these papers at this company's officeWe do all the work to coordinate with the title company to set your date of closing. Because you don't 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 getting a new house.
You've answered some few questions, provided detailed information, applied , and Before you know it, you're moving in! We take care of all 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 Cascade Valley Mortgage at 425-396-3130.