How the Loan Process Works
Make no mistake, there's quite a lot to do when you get a mortgage. You wouldn't be visiting our site if it were possible to fill out a one-page loan application and get the best loan funded the same day. But Georgetown Mortgage does the heavy lifting so you can concentrate on your life rather than the mortgage loan.
Getting a loan involves four major steps.
Step one: Decide how much you can afford
A couple of factors determine this amount. 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? 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 step is where Georgetown Mortgage will start saving you money. You will supply details about your employment, your assets, and residence history. You'll give us information on your employment, asset, and residence history. We will pull get your credit report and score (with your permission. After we've reviewed this information, we'll provide a pre-qualificaiton letter. Be careful with this letter — it can be a useful tool when you make your offer! Your real estate agent will likely use the pre-qual (as they may call it) to make the best offer on the home you choose. While you're looking for your new home with your agent, we find the best program for you.
Step three: apply now! We make it easy
Once you have made an offer and it's been accepted, it's time to complete the loan application. 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 submitted your loan application, we'll order the professional appraisal on the home.
Step four: your loan is funded
The agents will find an escrow/title company to handle the "funding" of the loan and closing. We'll coordinate with this company to ensure all the papers your lender requires are avaiailable, and you'll probably}likely sign everything at this company's officeWe coordinate with this company to set your closing date. Since you will not need to worry with this coordination, you get to concentrate on the move, paint colors, new carpet, and all the details of moving into your new home.
You've answered some few questions, given us detailed information, applied , and the next thing you know, you are moving in! Georgetown Mortgage is in the business of mortgage loans; you're not — so we take care of the details. Doesn't that make sense?
Have questions about the loan process? Call Georgetown Mortgage at (214) 448-4641. Georgetown Mortgage answers loan process questions every day.