About the Loan Process
There's a lot involved in oder to get a mortgage loan. You would not be researching mortgage loans if it were possible to get a loan in a single day by filling out a simple application. But Georgetown Mortgage 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: 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? Use the calculators on our website to determine your monthly payment amount. We'll also help you through different scenarios by asking a few simple 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 you save the most money. You will supply information on your employment, your assets, and your residence history. You'll provide your employment, asset, and residence history information. We will get your credit report and score (with your permission. When we review this information we will give you a pre-qualification letter. Be careful with this letter — it can be a great tool when you make your offer! Your real estate agent will use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're deciding on your new home, we are researching the best loan for you.
Once you have signed the 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. After the seller has accepted your offer and you have applied for your loan, we'll order a professional appraisal on the home.
Step four: funding
The real estate agents will find an escrow/title company to handle the "funding" and closing. We'll work with this company to make sure the papers your lender will require are in order, and you'll probably}likely sign everything at their officeWe do all the work to work with with this company on your date to close. Because you will not have to coordinate this process, you get to concentrate on moving, painting, carpet, and the details involved in moving into a new house.
You've answered a few questions, provided lots of information, applied , and before you know it, you are moving in! Georgetown Mortgage is a mortgage specialist; you're not — so take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Georgetown Mortgage at (214) 448-4641. We answer questions about the loan process every day.