The Mortgage Loan Process: an Overview
In the market for a new home loan to purchase or refinance? We'd be thrilled to discuss your mortgage needs! Give us a call at (303) 650-9400. Ready to get started? Apply Here
There is no doubt that getting a mortgage loan is a complex process. You wouldn't be here on our site if you could complete a one-page loan app and get a great loan check cut in one day. We do the heavy lifting for you, so you can concentrate on what's important.
Getting a home loan involves four major milestones.
Step one: Decide how much you can afford
We can help with this! A couple of factors determine this amount. What kind of monthly payment are you looking for? What is the maximum you can borrow given your income and credit history? You can get a good idea of your preferred payment amount using the calculators on our website. We'll also help you through different scenarios by asking a few simple questions. Because lender guidelines are fairly standard, normally we can give you a good idea of how much you can borrow after a short conversation. A quick start can be obtained by filling out our Quick Quote form. Click here to begin.
Step two: complete a pre-qualification
This is where the process really begins and A Home's Best Mortgage, Inc. can really save you money. You will supply details about your employment, assets, and your residence history. We will get your credit report and score (only after you give your permission). We'll go over this info and give you a pre-qualification letter if you are purchasing a new home. Handle it with care — it can be a useful tool for buying your new home! Your real estate agent will likely use the "pre-qual" (as they may call it) to submit with the offer on the home you choose. If you are refinancing we will give you a call to let you know you have been pre-qualified and we can continue to process your new home loan. We'll work with you to find the best program that fits your financial goals!
Once you have decided to refinance or signed a purchase offer and the sellers accept it, you should apply for the loan. Applying for your loan could not be much easier; you can apply by clicking here. We will advise you of the items you need to provide (paystubs, W2s, etc.) for your approval and take care of ordering the professional appraisal on the home if needed.
Step four: your loan is funded
If you are buying a new home your REALTOR® and the seller's will coordinate with the escrow/title company to handle the funding of your loan once it has been approved. We'll work with this company to ensure all the papers your lender will need are in order, and you'll likely sign everything at the title company. In a refinance transaction you will choose the location where you would like to close that is most convenient.
You've provided detailed information, applied, and before you know it, your loan is ready to close. We'll keep you informed through out the process and take care of all the loan details!
Have questions about the loan process? Call A Home's Best Mortgage, Inc. at (303) 650-9400. It's our job to answer your lending questions, so we're happy to help!